HON. WILBUR L. ROSS TO ADDRESS THE ECONOMIC CLUB OF NEW YORK
FOR IMMEDIATE RELEASE
August 4, 2024 - New York, NY AIAC and its affiliate, Avara Pharmaceutical Services, and their invited colleagues, clients and friends shall join a reception and luncheon address by 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 program will feature Mr. Ross discussing his new book, entitled Risks and Returns: Creating Success in Business and Life, which is scheduled for release on September 10, 2024. Personally autographed copies of Mr. Ross’ book shall be provided to invited guests. AIAC Chairman, L. M. Levie, is a member of the Economic Club of New York Centennial Society and its Legacy Society.
The book chronicles Wilbur Ross’ life journey and career in turnaround investing. Ross graduated from Yale University with a degree in economics and went on to earn an MBA from Harvard Business School. As head of the restructuring practice of Rothschild Inc. and Founder of WL Ross & Co., Mr. Ross was involved in the largest restructurings in Wall Street history and created multi-billion-dollar enterprises in the coal, textile, and steel industries.
In 2017, Ross was appointed as the U.S. Secretary of Commerce. During his tenure, he played a significant role in shaping trade policies, advocating for trade reforms, and addressing economic challenges. His work focused on improving the competitiveness of American businesses, promoting job creation, and renegotiating trade agreements. Ross's time in government was marked by efforts to address trade imbalances and support American industries.
Aside from his business and governmental roles, Ross is known for his philanthropy, supporting educational institutions, healthcare initiatives, and arts organizations.
AIAC Chairman, L. M. Levie commented, “I am pleased and privileged to welcome our dear friend, Wilbur Ross, to address the Economic Club of New York. As reflected in his riveting autobiography, Wilbur’s career has been driven by his innovative and energetic approach to finance, his strategic vision in restructuring businesses, and his commitment to public service and philanthropy. His profound influence across multiple sectors of the industrial economic landscape and on U.S. trade policy cannot be overstated. Wilbur Ross is truly a financial force of nature.”
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.
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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.
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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