Arthur Belfer
Arthur B. Belfer | |
|---|---|
| Born | Template:Birth date Wodzisław, Poland |
| Died | May 2, 1993 (aged 85) New York City, U.S. |
| Occupation(s) | Businessman, philanthropist |
| Known for | Founder of Belco Petroleum Corporation |
Arthur B. Belfer (May 30, 1907 – May 2, 1993) was a businessman and philanthropist of Polish origin who established the Belco Petroleum Corporation in the United States.
Biography
Born into a Jewish family in Wodzisław, Poland, Belfer began his career as a feather and down merchant in Kraków. In 1939, while on a business trip to the U.S. shortly after the Nazi invasion of Poland, he realized that his Polish assets had lost all value. He then convinced an investor from New York to buy feathers, leading to the creation of the Belfer Corporation, which produced down sleeping bags for the U.S. military.
By 1953, Belfer had diversified into foam rubber and the oil industry. The following year, he launched Belco Petroleum Corporation, concentrating on petroleum exploration and development in Wyoming and Peru. The company experienced rapid growth and eventually entered the Fortune 500 list. In 1962, Belco was listed on the New York Stock Exchange.
In 1983, Belco merged with InterNorth, Inc., a holding company involved in natural gas pipelines, plastics, coal, and petroleum. The merged firm was renamed BelNorth Petroleum Corporation and operated as a subsidiary of InterNorth. Two years later, InterNorth combined with Houston Natural Gas to form Enron Corporation. That same year, Enron’s Peruvian holdings—originally part of Belco—were nationalized, causing a loss of $218 million. Belfer stepped down from Enron in 1986 but retained significant share ownership. His son, Robert A. Belfer, held a position on Enron’s board of directors.
Belfer was deeply involved in philanthropic efforts, founding several institutions including the Belfer Institute for Advanced Biomedical Studies and the Belfer Graduate School of Science at Yeshiva University; the Belfer Audio Laboratory and Archive at Syracuse University; the Arthur and Rochelle Belfer Institute for Latino and Latin American Affairs; the Diane & Arthur Belfer Geriatrics Center; endowing the R. A. Rees Pritchett Chair in Microbiology at Cornell University; and establishing the Belfer Center for Energy Research in Israel.
Prior to Enron’s collapse in 2001, his family’s stake in the company was valued at nearly $2 billion.
Personal life
Belfer was married twice during his lifetime. His first wife, Rochelle Anisfeld, passed away in 1961; together they had three children: Robert A. Belfer (born 1935), Selma Belfer Ruben, and Anita Belfer Saltz. In 1965, he married Diane Belfer. He died from cancer on January 2, 1993, in New York City. His residences included locations in Manhattan and Palm Beach, Florida.