WILBUR ROSS AT THE ECONOMIC CLUB OF NEW YORK
FOR IMMEDIATE RELEASE
September 12, 2024 - New York, NY – American Industrial Acquisition Corporation (AIAC) and Avara Pharmaceuticals greeted their customers, colleagues and friends at a reception and luncheon featuring the Honorable Wilbur L. Ross, former U.S. Secretary of Commerce, at the Economic Club of New York on September 12, 2024. Hosted at the University Club of New York, the luncheon began with an introduction by ECNY Chair and Perella Weinberg Partner Robert K. Steel, after which Mr. Ross was interviewed by John Paulson, Chairman of Paulson & Co. Wilbur Ross discussed his life and work, reflected in his new book, Risks and Returns: Creating Success in Business and Life, which was released two days before, on September 10, 2024. Personally autographed copies of the book were provided to all invited guests. One third of the attendees for this luncheon event were invited guests of AIAC and Avara and their affiliated companies. An avid supporter of the Economic Club of New York, AIAC Chairman Levie is a member of its Centennial Society and Legacy Society.
During the interview session, Wilbur Ross recounted his journey from his childhood in Bergen County, New Jersey, to the pinnacles of Wall Street and Washington DC. He described his education at Yale College and at Harvard Business School, noting the strong influence and mentorship of General George Doriot, a prominent professor at Harvard Business School known as the father of venture capital.
Mr. Ross then described the progression of his career on Wall Street, during which he held a series of money management and investment banking positions, leading to a position as head of the restructuring practice at Rothschild Inc. He recounted a series of particularly contentious negotiations during which he represented official committees of bondholders for large companies in bankruptcy.
Viewing the private equity business as more attractive than advisory services, he then started Rothschild Recovery Fund, which he later purchased and rebranded as WL Ross & Co. At this firm, from bankrupt companies, he built significant enterprises in the coal, textile, and steel industries. As investment banker and investor, Mr. Ross restructured over $400 billion in debt.
As an example of his restructuring approaches, he described his purchase and the specific financial and operational action steps at LTV Steel, where he negotiated and implemented job classification changes, cross training, and targeted employee bonuses, in order to increase productivity. A $590 million investment in LTV produced an eventual sale for $5 billion to Mittal Steel.
In 2017, Ross was appointed U.S. Secretary of Commerce. During his four year tenure, he focused on trade policies, tariffs and treaties. He pointed out that tariffs can judiciously applied and lead to bi-partisan support.
Wilbur Ross proudly described his collection of 35 Rene Magritte surrealist paintings, noting “I’m in the bankruptcies business, which is a lot like surrealism.”
AIAC Chairman L. M. Levie said, “AIAC and Avara were privileged to participate in this luncheon event in honor of our dear friend, Wilbur Ross. John Paulson’s interview of Wilbur Ross was insightful and revealing, demonstrating Wilbur Ross’ analytic, strategic, and pragmatic approach to financial and operational restructuring. Indeed, many of the corporate restructurings he led are now the subject of case studies in law and business schools around the world.”
AIAC’s guests at the event included the following distinguished individuals:
Michael Loeb: Venture capitalist and Co-Founder of Priceline.com.
Dr. Ken Lin: Senior Vice President for Global Investment, of Charoen Pokphand Group Company, Ltd. (CP Group, Thailand), a $100 billion revenue, family-owned private holding company.
Tom Rogers: Founder of MSNBC and CNBC, President of NBC Cable, CEO of Primedia (NYSE) and TiVO (Nasdaq); Editor-at-large of Newsweek
Faye Wattleton: Former President of Planned Parenthood, former Director of Estée Lauder Companies, and Empire Blue Cross and Blue Shield; Former Trustee of The Henry J. Kaiser Family Foundation, Institute for International Education, and Columbia University
Jason Tepperman: President, JG Wentworth, former Member of US Treasury Crisis Response Team
Ed Grebow: Former associate and partner of Larry Tisch, Richard Ravitch, and Warren Buffett; former President and CEO of Amalgamated Bank and Sony USA.
Dennis Flannery, CEO, Stonehill Advisors, Former Senior Officer and Senior Advisor of the World Bank, US Treasury, InterAmerican Bank, Citicorp, and Lehman Brothers Kuhn Loeb.
David Robb: Managing Director, Frontier Group and early principal of the Carlyle Group
John Rogers: Chairman of Paragon ID, Board Member of Grenadier Holdings, Ireland
Brian Shiau: Mergers and Acquisitions Director for global pulp and paper manufacturer, Paper Excellence, former SVP, AIAC
Norm Young: CEO, CS Family Office, an investor in real estate, hedge funds and AI.
Dr. Tina Park: CEO, The Park Group; Administrative Director of the Trilateral Commission of North America
Hon. Rauan Tielin: Consul General for the Republic of Kazakhstan
Dr. Joshua Walker: President and CEO of the Japan Society, formerly with the Eurasia Group and the U.S. State Department
Dr. Janet Walsh: Director of The Explorers Club, CEO of Birchtree Global LLC
George Rodriguez: Fellow, American Chemical Society, Founder STEM Leadership Awards
At the completion of the event, AIAC Chairman Levie formally presented Wilbur Ross with a framed poem, entitled “A Tribute to Wilbur Ross,” which lauded Mr. Ross' contributions to finance, business and public service:
Following the luncheon, AIAC sponsored and hosted a smaller private reception and dinner for its invited guests at the Metropolitan Club of New York.
ABOUT THE HONORABLE WILBUR ROSS
Wilbur Louis Ross Jr., born on November 28, 1937, in Weehawken, New Jersey, is an American investor and former government official renowned for his work in distressed asset management and his role as the 39th United States Secretary of Commerce. Ross grew up in a well-educated family; his father was a lawyer, and his mother was a schoolteacher. He attended Xavier High School in Manhattan before pursuing higher education at Yale University, where he earned a Bachelor of Arts degree. He later received an MBA from Harvard Business School.
Ross began his career in investment banking in the late 1970s, working for Rothschild Inc., the New York affiliate of N. M. Rothschild & Sons of London. At Rothschild, he specialized in bankruptcy and corporate restructuring, advising on large, high-profile bankruptcy cases, including the bankruptcies of Drexel Burnham Lambert and Trans World Airlines. His work at Rothschild earned him a reputation as an expert in distressed assets and the title “King of Bankruptcy,” setting set the stage for his future endeavors in private equity.
In 2000, Ross founded his own investment firm, WL Ross & Co., with a focus on investing in and restructuring failing companies. The firm quickly gained prominence for its role in reviving distressed industries. Ross became known for his strategy of acquiring undervalued companies in struggling sectors, such as steel, textiles, and coal, and transforming them into profitable enterprises.
One of Ross's most notable achievements was the creation of the International Steel Group (ISG) in 2002. By consolidating and revitalizing several bankrupt steel companies, he helped rejuvenate the American steel industry. ISG was later sold to Mittal Steel Company for approximately $4.5 billion, earning significant returns for Ross and his investors.
In addition to his work in the steel industry, Ross invested in various other sectors. He played a key role in the restructuring of the textile and coal industries, including the acquisition of Burlington Industries and Cone Mills, which he merged to form International Textile Group. Ross also invested in the banking sector during the financial crisis of 2007–2008, acquiring stakes in banks such as BankUnited and Sun Bancorp.
In 2017, Ross was nominated to serve as the United States Secretary of Commerce. He was confirmed by the Senate and took office on February 28, 2017. As Secretary of Commerce, Ross was a key figure in shaping trade policies, advocating for trade agreements that prioritized American interests and working to reduce the trade deficit. He played a significant role in the renegotiation of the North American Free Trade Agreement (NAFTA), which resulted in the United States-Mexico-Canada Agreement (USMCA).
During his tenure, Ross focused on initiatives to strengthen American manufacturing and promote job growth. He was involved in various trade negotiations, including discussions with China aimed at addressing issues such as intellectual property theft and market access.
Ross has been recognized for his business acumen and has received numerous honors, including the Ellis Island Medal of Honor, Forbes' Billionaires List, Knight Commander of the Order of the British Empire, and Japan’s Order of the Rising Sun.
Ross is married to Hilary Geary Ross, a prominent socialite and author, and has two daughters from a previous marriage. He continues to be active in the business world and remains a significant figure in discussions about economic policy and investment.
ABOUT AMERICAN INDUSTRIAL ACQUISITION CORPORATION
American Industrial Acquisition Corporation (AIAC) is a diversified industrial group with manufacturing and distribution sites in 24 countries in North America, Europe, and Asia. AIAC has acquired and grown non-core subsidiaries and divisions of Boeing, Siemens, Lockheed Martin, Northrop Grumman, Raytheon, Johnson Controls, Merck, Pfizer, Astellas, Visteon, Carlyle, Ahlstrom, Tolko, Groupe Suez, Groupe Rexel, and many other leading multinational corporations.
AIAC companies serve companies and governmental entities worldwide in all major sectors, including aviation, space, defense, automotive, truck, rail, marine, petrochemical, solar, nuclear, food, confectionary, beverage, civil engineering and infrastructure, commercial construction, mining, dredging, disaster relief, education, medical devices, and pharmaceuticals. AIAC companies manufacture materials, components, assemblies, packaging, equipment, and finished products. In addition, AIAC companies are exclusive, authorized distributors of leading branded industrial and consumer products throughout Southeast Asia, Australia, and New Zealand. AIAC is a leading manufacturer of building, street, and highway signage in Europe, signage and illumination structures in North America, and a distributor of electrical products throughout France.
Of note, AIAC purchased Boeing Canada in 2005 and has produced over 10,000 unique components for every Boeing jet plane ever since, reliably serving Boeing from manufacturing facilities in North America. A leader in ultra-high precision jet engine component manufacturing, AIAC companies produce 2,200 fan blades and blisks for each jet engine produced by GE, Pratt & Whitney, Rolls Royce, and Honeywell. AIAC companies produce the critical automotive wire and cable for Tesla, GM, Ford, Chrysler- Fiat, Toyota, and Nissan. In connection with its kraft paper manufacturing interests in Canada and the US, AIAC controls and sustainably manages 22 million acres of Manitoba, Canada forestland, an area equivalent in size to the nation of Hungary.
AIAC companies actively support exploration into outer space, manufacturing critical components for launching and propelling spacecraft and satellites. AIAC customers in this sector include NASA, the European Space Agency, SpaceX, Blue Origin, and Boeing. AIAC companies also lead in the design and manufacture of undersea umbilical cables for worldwide oceanographic research.
ABOUT AIAC PHILANTHROPY
AIAC and the AIAC Foundation support a wide range of nonprofit, nonsectarian, bipartisan organizations which promote international conflict resolution, disaster relief, economic development, environmental sustainability, and exploration.
AIAC’s beneficiaries in the fields of international conflict resolution and understanding and economic development include the Appeal of the Nobel Peace Laureates Foundation Inc., the Asia Society, the Atlantic Council, the Bill and Melinda Gates Foundation - Gates Philanthropy Partners, the Bretton Woods Committee, the Carnegie Endowment for International Peace, the Carter Center, the Council on Foreign Relations, the Economic Club of New York, the Foreign Policy Association, the Institut Française des Relations Internationales, the International Committee of the Red Cross, the International Crisis Group, the International Rescue Committee, the Japan Society, the John F. Kennedy School of Government of Harvard University, the Peterson Institute for International Economics, the Richardson Center for Global Engagement, the Royal Institute of International Affairs (Chatham House) and the Trilateral Commission.
Exploration-focused nonprofit organizations which AIAC actively support include the Explorers Club, the National Geographic Society, the Royal Geographical Society, the American Museum of Natural History and the Hayden Planetarium, the Victoria & Albert Museum, the National Air and Space Museum, the National Space Society, and the United States Space Foundation.
For further information, please see:
https://www.aiac.com/our-values
ABOUT AVARA PHARMACEUTICAL SERVICES
Avara Pharmaceutical Services is a global leader in contract manufacturing for pharmaceutical and biotechnology companies. With campuses in Arecibo, Puerto Rico, Norman, Oklahoma, and Liscate, Italy, Avara serves 40 countries, producing a wide range of critical medications, including oral solid dose and injectable pharmaceuticals.
During the Covid-19 pandemic, Avara played a key role in manufacturing essential treatments. In 2021, Avara Norman produced the active pharmaceutical ingredients for Remdesivir, a the leading Covid-19 treatment. Avara Liscate manufactured Nimbex for AbbVie from 2020 to 2022 and Adrenaline for Pfizer from 2020 to 2024, both vital respiratory drugs for Covid-19 patients.
Avara’s state-of-the-art facilities ensure compliance with global regulatory standards and enable efficient production processes. Committed to sustainability, Avara invests in advanced manufacturing techniques and environmental initiatives. Trusted by clients such as Aspen, AbbVie, Genentech-Roche, Merck, Pfizer, and others, Avara tailors its services to meet unique client needs.
For further information, please see:
ABOUT THE ECONOMIC CLUB OF NEW YORK
Founded in 1907, the Economic Club of New York is the premier forum for discussion on a wide range of issues facing New York City, the United States, and the world. The Club welcomes preeminent thought leaders from across the globe and from the public and private sectors to speak on complex issues ranging from public policy and economic regulation to tech disruption. Nonpolitical, nonpartisan, and nonprofit, the Club promotes no agenda and takes no sides on issues, encouraging speakers and members to engage openly in thoughtful discussions.
The Economic Club comprises individual memberships, drawing from senior leadership of the many prominent corporate and financial organizations based in the Metropolitan area. The Club has hosted speakers who are experts in their respective fields and who drive the conversations that shape the world’s future. Past speakers include leaders of Fortune Global 500 companies, and multiple U.S. presidents, including Woodrow Wilson, William H. Taft, Herbert Hoover, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Ronald Reagan, and George H.W. Bush. International heads of state such as Winston Churchill, Mikhail Gorbachev, Indira Gandhi, Margaret Thatcher, and Yitzak Rabin have addressed the Club.
In recent months, Japan Prime Minister Fumio Kishida, US Federal Reserve System Chair Jerome Powell, Microsoft Co-Founder Bill Gates, and JPMorgan Chair Jamie Dimon have addressed the Club.
For further information, please see:
Media Contact:
Isabel Carro-Toro, Vice President
American Industrial Acquisition Corporation
+34 689 295 827 (Spain)
+ 1 787 244 3175 (USA)
icarro-toro@aiac.com
