Martin Viessmann (born 1953/54) is a German billionaire businessman, CEO of Viessmann Group, a heating systems manufacturer headquartered in Allendorf, Germany.
The majority of Viessmann’s fortune is derived from his ownership of Viessmann, a German manufacturer of heating, industrial and refrigeration equipment. The Allendorf, Germany-based company had revenue of 4 billion euros ($4.2 billion) in 2022, makes its products in 12 countries and has about 120 sales offices worldwide, according to its website.
It’s valued based on the sale terms for its heating and cooling business to Carrier Global in April 2023. The deal had an enterprise value of 12 billion euros ($13.2 billion) and is expected to close around the end of the year. It was previously valued based on a peer analysis and the change in methodology on May 5, 2023 led to an increase of more than $4 billion.
Viessmann is described on its website as a family business. Martin Viessmann and his family are the ultimate owners, according to company filings, and Martin is attributed full ownership here to reflect his control of the company.
Biography
Martin Viessmann was born on Oct. 10, 1953. He completed a degree in business administration at the University of Erlangen-Nuremberg in 1979 and joined the family company, Viessmann, in the same year.
Viessmann was founded by Martin’s grandfather, Johann Viessmann, in 1917. After starting as a farm machinery repairman, Johann began building furnaces in 1928 and by 1937 he had moved the business to a bigger factory in Allendorf, Germany, where it remains based today.His son Hans, Martin’s father, took over the business in 1947 and sought the modernize its production facilities. Its new steel furnaces became popular during Germany’s economic boom in the 1950s and by the end of the decade the company was making about 5,000 furnaces each year.Production grew to 40,000 a year in the 1960s and in 1972 Viessmann began selling furnaces made from stainless steel. The energy efficient nature of its heating systems helped spur sales in the 1980s.Martin Viessmann took over as chief executive of the company in 1993 and he began improving the company’s technology and international sales. His son Maximilian Viessmann joined the company’s board in 2016 and became the sole chief executive in 2022.The billionaires lives in Allendorf.
Milestones
- 1917 Viessmann Group is founded.
- 1953 Martin Viessmann is born.
- 1972 First plant outside Germany opens in France.
- 1976 Begins making solar energy collectors.
- 1979 Graduates from University of Erlangen-Nuremberg.
- 1979 Begins working in the family business.
- 1993 Takes over as chief executive officer.
- 1998 Exports grow 12 percent and reach one-third of sales.
- 2013 Becomes an honorary professor.
