Tuesday, August 26, 2014

Antonio Ermirio de Moraes, Brazilian Billionaire, Dies at 86

Aug. 25 (Bloomberg) -– Antonio Ermirio de Moraes, the Brazilian entrepreneur who became a billionaire after expanding his family’s industrial conglomerate, has died. He was 86.

He died yesterday of heart failure at his Sao Paulo home, his company confirmed in an e-mail.

After taking the helm of Votorantim Group, the family company, following his father’s death in 1973, Ermirio de Moraes guided it through Brazil’s hyperinflation era, added new units through the 1980s and a bank in 1991. It is now the nation’s biggest cement maker and has interests in aluminum, pulp and paper, energy, agriculture and finance.

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