From Handyman To Billionaire: Meet The Newest Members Of FORBES' World's Richest List From Brazil

Eggon Joao da Silva, one of Brazil's newest billionaires (PHOTO: Courtesy of WEG S.A.)


It's been a long time since Eggon Joao da Silva made a living for himself as a handyman at a registry in Jaragua do Sul, an affluent city settled by European immigrants in the southern Brazilian state of Santa Catarina. Silva was just 13 years old at the time, but he soon moved to a better job as a bank clerk. Then in 1957, after having worked 14 years for the state bank, he became partner in a small company with a staff of eight people and specialized in producing exhaust pipes for vehicles. Four years later, the company had grown to 150 employees, and Silva decided to quit it to face, as he later recalled, "the biggest challenge of his career."

Together with Werner Ricardo Voigt and Geraldo Werninghaus, Silva founded WEG S.A., which began by manufacturing electric motors and today is also engaged in manufacturing electrical equipment and components. The company is amongst the world’s largest producers of electric motors, manufacturing approximately 68,000 motors per day, or a staggering 11.5 million motors per year. With a staff of over 27,000 worldwide, WEG S.A. is also one of the largest employers in its industry.

As for Silva's challenge and that of his partners as well, it certainly paid off. The listed Brazilian company has a market capitalization (WEGE3.SA) of  US$ 8.46 billion (R$ 19.9 billion) as of December 5. WEG S.A. is controlled by Silva, Voigt and Lilian Werninghaus, the widow of Geraldo Werninghaus, who died in 1999. The trio holds a 50.1% stake in the company through a holding called WPA Participacoes e Servicos S.A., whose shareholding is split equally among them. The stock has increased 15% in Brazilian real terms over the past year. Their effective 16% stakes makes them each billionaires, with a net worth of $1.4 billion a piece, very likely earning them a place in FORBES' 2014 World's Billionaires list.

A spokesperson for WPA Participacoes e Servicos S.A. didn't comment on FORBES' net worth estimates for Silva, Voigt and Werninghaus because they were not authorized to talk about it with the press.

Nowadays WEG S.A. is active in the manufacture, marketing, export and import of a range of products, such as electric motors, equipment for generation of energy, variable frequency drivers, soft-starters, motor protectors and starters, electrical circuit protectors, electronic relays, pushbuttons, pilot lights, paints and varnishes, among others. It operates industrial parks placed in Brazil, Argentina, Mexico, the United States, Portugal, Austria, South Africa, China and India.

In 2012, WEG S.A. completed the acquisitions of Stardur Tintas Especiais Ltda., a Brazilian company specialized in the production and commercialization of paints, and Injetel Industria e Comercio de Componentes Plasticos Ltda., which is active in the production of switchers, sockets and plugs.

Silva, who is 84 years old and briefly acted as CEO of Perdigao (now BR Foods) between 1994 and 1995, is not directly involved in running the business, and is currently represented on the board by his son, Decio da Silva.

Voigt, who is 83 years old and used to build complete sawmill scale models when he was still a boy, is an avid reader and a clarinet player. He studied in SENAI (Brazil's National Industrial Apprenticeship Service) and served the Brazilian Army in Curitiba, in the Southern Brazilian state of Parana until he managed to be one of two selected soldiers to attend the Escola Tecnica Federal, where he specialized in radiotelegraphy and electronics.

Werninghaus, who started his career at age 14 as an apprentice in his father's workshop, taught himself the secrets of mechanics and also served the Army. He left his executive duties at WEG S.A. to start a political career. He became a councilman, a congressman and the mayor of Jaragua do Sul, where WEG S.A. is headquartered. He died in 1999 in a car crash, and his stake was inherited by wife, Lilian.

Both Silva and Voigt had a humble upbringing and they are known for being media shy and extremely work-focused, something they apparently appreciate in others. In a rare interview for DOM magazine, a business publication, published four years ago, Silva said: "People are better prepared intellectually, but the real 'talents' remain the same: those who have determination, dedication, discipline and selflessness."

That coming from a handyman who became a billionaire is one thought to consider.
