Stef Wertheimer
Stef Wertheimer | |
|---|---|
| Born | July 16, 1926 Kippenheim, Germany |
| Died | March 26, 2025 (aged 98) |
| Occupation(s) | Entrepreneur, investor, philanthropist, politician |
| Years active | 1952–2025 |
| Known for | Founder of ISCAR, establishing industrial parks in Israel, member of the Knesset |
Stef Wertheimer (; 16 July 1926 – 26 March 2025) was an Israeli billionaire entrepreneur, investor, philanthropist, and political figure. He served as a member of the Knesset and gained acclaim for establishing industrial parks across Israel and neighboring regions. In 2013, the Wertheimer family was acknowledged as the wealthiest in Israel.
Background
Wertheimer was born into a Jewish family in Kippenheim, Germany. To escape the rise of Nazism, his family relocated to Mandatory Palestine in 1937. He attended Tel-Nordau School in Tel Aviv but left at age 16 to work repairing cameras while simultaneously studying optics under Professor Emanuel Goldberg.
During the Second World War, he served as a technician specializing in optical equipment within the British Royal Air Force, stationed in Bahrain. After the war ended, Wertheimer joined the Palmach as a technical officer and was detained by British authorities during Operation Agatha in 1946. He played a role in developing artillery for the Haganah and acted as a technical officer for the Yiftach Brigade during the 1948 Arab-Israeli War.
Following the conflict, Wertheimer briefly worked at Rafael Advanced Defense Systems but was dismissed due to his lack of formal academic credentials. He and his wife spent some time living on kibbutz Yir'on but eventually left because they disagreed with its socialist principles.
Wertheimer was married with four children and lived in Tel Aviv. His granddaughter is Israeli actress Maya Wertheimer. In 2018, his son Eitan acquired a Tel Aviv residence for him valued at 20 million ILS. Stef Wertheimer died on 26 March 2025 at the age of 98.
Business career
In 1952, Wertheimer launched ISCAR, a metal workshop and tool manufacturing business, from his backyard in Nahariya. The company quickly prospered and attracted Discount Investments as a minority shareholder. Today, ISCAR ranks among the world’s leading producers of carbide cutting tools for industrial applications, serving major clients such as General Motors and Ford. The firm employs over 5,000 people worldwide.
In 1968, amid Israeli efforts to circumvent the French arms embargo following the Six-Day War, Wertheimer founded ISCAR Blades (later renamed Blades Technology). This enterprise became a prominent manufacturer of blades and vanes used in jet engines and industrial gas turbines. In 2014, Wertheimer sold his controlling 51% stake to Pratt & Whitney.
In May 2006, Berkshire Hathaway acquired an 80% share of ISCAR for $4 billion; the Wertheimers paid $1 billion in taxes to Israel from this transaction. Warren Buffett completed the purchase of the remaining shares in 2013 for $2.05 billion.
At the time of his passing, Forbes estimated Stef Wertheimer’s net worth at approximately US$7.6 billion.
Industrial parks
Wertheimer established seven industrial parks located in Tefen, Tel Hai, Dalton, Lavon, Nazareth, Omer, and Gebze (Turkey). These parks emphasize exports, education, coexistence, community engagement, and culture with the intention of fostering economic development and creating employment opportunities. His vision centered on promoting regional peace through industry and job creation as constructive alternatives to conflict.
The premier Tefen Industrial Park, founded in 1982, combines transportation infrastructure with cultural and educational amenities. The Nazareth park opened in April 2013 within a mixed Muslim-Christian city where Jews and Arabs collaborate professionally; it supports Arab-Jewish Israeli export companies. During a visit in 2009, Pope Benedict met with Wertheimer and Nazareth’s mayor at the future site of this park and endorsed the initiative. Wertheimer emphasized that joint employment encourages coexistence and diminishes conflict by keeping individuals engaged productively.
Peace initiatives
Wertheimer advocated for a "Marshall Plan for the Middle East," envisioning industrial development as a means to offer vocational training, generate employment opportunities, reduce poverty, and enhance the region's per capita income.
During the 1990s, he proposed establishing an industrial zone in Rafah, located in the Gaza Strip, with backing from both Palestinian and Israeli authorities. Unfortunately, the commencement of the Second Intifada caused the project to be suspended indefinitely.
In 2002, Wertheimer presented testimony before the United States House of Representatives, urging U.S. investment aimed at revitalizing the Middle East through commerce, job creation, and a free-market economy. His concept involved constructing 100 industrial parks that would employ both Israelis and Palestinians, alongside similar ventures planned for Turkey and Jordan. He characterized these parks as five-year development hubs for manufacturing and export activities, intending to replace violence and deprivation with production, education, and enhanced living standards.
Political involvement
In 1977, Wertheimer was among the founders of the centrist Democratic Movement for Change party, which secured 15 seats in the 1977 Israeli legislative election, including his own. After the party fractured in 1978, he aligned with Shinui. Following an injury in 1981, he stepped down from the Knesset and refocused on his business pursuits. During his tenure, he contributed to the Economics Committee and promoted increased Arab inclusion within Israel’s high-tech industry.
Prior to the 2013 elections, he accepted an honorary position on Tzipi Livni's list, Hatnuah, later supporting her coalition with Labor’s Zionist Union in 2015.
Honors and distinctions
Wertheimer was awarded the prestigious Israel Prize in 1991 for his outstanding contributions to Israeli society and statehood. He received the Buber-Rosenzweig-Medal in 2008 and was honored with the Oslo Business for Peace Award in 2010 for his ethical leadership and beneficial influence in business. In 2014, he was bestowed with the President's Medal.