Walter Fust: A Trailblazer in Multiple Industries
Published: Thursday, Oct 26th 2023, 11:41
Updated At: Thursday, Oct 26th 2023, 20:32
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The two Swiss traditional companies Starrag and Tornos are planning to merge. Behind both machine builders stands Walter Fust, an entrepreneur who is known to everyone as the founder and namesake of the electronics retail chain Fust.
Early on, Fust was an entrepreneur. Already during his studies in mechanical engineering at ETH, he ran a mail order business for electrical appliances in his spare time. With savings of 15,000 francs, he finally founded his own company for electrical appliances in Bern in 1966.
Fust quickly outpaced his father's electrical retail business. After taking over his father's company, Fust's success skyrocketed. He also benefited from the emerging market for all kinds of electrical appliances in the 1970s.
In 2007, Fust sold its electronics stores to the Coop Group and has since not been actively involved with the company. The now 82-year-old enterprising entrepreneur has also left his mark in other industries.
In the mid-1970s, he established a further foothold in machine engineering. He became a shareholder in the machine builder Starrag. By the end of the 1980s, he had finally acquired a majority stake in the company, which he still holds today. He presided over the company's board of directors for more than 20 years, and since 2020 he has been Vice President of the Board of Directors.
As majority shareholder of the machine manufacturer Tornos, Fust has been active for some time. Here he holds just under half of the shares.
Fust was also active in the real estate and retail industries. He was at one time the majority shareholder of Jelmoli and is said to have owned more than 1000 rental apartments at one point.
Fust, who has over 80 years of experience, does not think about retirement yet, he told the NZZ a year ago. Currently, he is focusing on actively managing his wealth. He is investing broadly and diversifying across different industries. According to the business magazine Bilanz, his wealth is estimated to be between 800 and 900 million Swiss francs.
In an interview with the NZZ last year, Fust revealed that he was open to the future of his involvement with the two machine builders, Starrag and Tornos, which together account for only a small portion of his total worth of around 140 million. He also suggested that he could consider selling his stake, as his three children pursue other professional goals.
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