Posted on 03/06/2013 9:39:20 AM PST by FlJoePa
When Dick Yuengling Jr. began working for his family's brewery in 1958, some of the older workers there advised him to find a different job because they did not think the brewery was going to be in business very much longer.
It's a good thing he didn't listen to them.
Yuengling, who owns D.G. Yuengling and Son brewery in Pottsville, Schuylkill County, made this year's list of billionaires compiled by Forbes Magazine and published Monday.
According to Forbes, Yuengling's net worth is $1.3 billion, ranking him #1107 on the annual list of billionaires. He comes in at #359 in the United States.
Yuengling, 69, is the fifth-generation owner of the company, having bought it from his father in 1985.
“The company stubbornly remains private, despite steep competition and frequent acquisitions in the beer industry,” according to an article on Forbes.com. “Sole-owner Yuengling has turned down offers from all the major players and vows never to sell. In a 1996 Forbes story, he scoffed at the idea of adding a partner, noting: ‘I couldn't even get along with my own father.’”
When Yuengling bought out his dad in 1985, revenues were only $6 million and the company counted barrels sold by the thousands, according to Forbes. Today, the company brews more than 2.5 million barrels of beer a year and pulls in hundreds of millions of dollars in revenues.
The company's Pottsville brewery holds the title of America's oldest brewery, and with Budweiser, Miller and Coors all being owned by foreign companies, Yuengling is also the largest American-owned brewer.
“Yuengling favors measured growth - the company is only in 14 states so far - over incurring debt, and he would rather wear jeans and drive an old car than sell out and flaunt his wealth,” the Forbes article says.
(Excerpt) Read more at articles.mcall.com ...
Ah, yes. Can’t wait for golf weather.
I have a cigar on 2 and 11 and a Yuengling on 6,9,12 and 17.
One of these years I’ll break 90. ;)
Congrats Mr. Y and keep’em coming!
First time I saw the name I thought it was Chinese. Guess the German ‘Jüngling’ (male youth) got corrupted on Ellis Island.
Whether you like or dislike the taste of the beer is the choice of each but it doesn't suck.
Is that Golden Monkey piss or Gloden Monkey or do you just suck? You nasty plick.
Great story. Thanks for the link.
My husband grew up a couple blocks away from the brewery and worked there while in college.
My husband grew up a couple blocks away from the brewery and worked there while in college.
He kept the product good. He kept the unions out that killed Rolling Rock and other good Pennsylvania beers. He worked hard.
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