Albert Ueltschi is a pilot that also founded the company FlightSafety in 1951. It is an aviation training company in which he expanded it into an international powerhouse, then sold it to multibillionaire Warren Buffett for a total of $1.5 billion dollars. He passed away at the age of 95 years old.
Mister Ueltschi died on October 18, 2012 in Vero Beach, Florida at his home. We learn this from a statement given by his company, and they did not provide us with a cause of death.
He was a pilot of Pan American’s first corporate plane – and Juan Trippe was the company founder and a regular passenger. Not long after, he came up with the idea that there was a need for a training and testing center in the booming aviation industry during the 1950s.
The name of that company today is FlightSafety International Inc. They claim to be the leading aviation company involved in training all around the world. They are the best at teaching pilots, flight attendants, dispatchers and aviation mechanics, plus others, and they do it each and every year.
The company is based out of LaGuardia Airport in New York City, and they have more than 40 locations with flight simulators and training centers all across the United States of America, the United Kingdom, France and Canada. We learned this according to their website.
Berkshire Hathaway, owned by the billionaire investor Warren Buffett, purchased the company in 1996. This brought Ueltschi to the ranks of the world’s wealthiest, and it couldn’t have happened to a nicer Kentucky farm boy. Forbes magazine recently estimated that his net worth was $2.1 billion dollars.
Praise from Warren Buffett
Ueltschi continued as FlightSafety president even after Warren Buffett purchased the company, and he lasted until the year 2003, in which time he just served as chairman.
“The first question I always ask myself about somebody in his position is, do they love the money or do they love the business?” Buffett was quoted in Aviation International News in 1999. “But with Al, the money is totally secondary. He loves the business, and that’s what I need.”