Patrick Lee: Paper Magnate
Over the years there has been so much talk about a paperless society. Technology has made paper less in demand since many of the data that use to be printed on paper are now digitally stored. Paper is used to send letters and now this form of communication can also be done through email. From the environmental perspective there has also been a push to lower the use of paper so that fewer trees would be cut.
Contrary to what others may think paper is still very much in use. Paper is used in other forms aside from writing or printing purposes. And as proven by the 50 percent gain last year in the shares of paper maker Lee & Man Paper Manufacturing many investors still believe in this industry despite weaker paper prices due to soft demand.
Lee & Man Paper Manufacturing is owned by Patrick Lee who is a resident of Hong Kong and earned his wealth through hard work. Patrick who is in his early 70s is in the containerboard business which is used for shipping and packaging cartons. This industry does not look like it will be replaced any time soon despite the soft demand.
Patrick along with his family own 60 percent of Lee & Man Paper. This firm is one of the top suppliers of paper products to the Chinese market. It runs paper factories in Chinese Dongguan province, in the Yangtze River Delta outside of Shanghai as well as in Vietnam. The plants the company runs produce around 3.75 million tons of paper and 150,000 tons of pulp each year.
The company’s operations are not limited to a portion of Asia. It also owns a pulp mill in California, USA. Patrick holds the position of Chairman. He has five children of which two sons help him run the company. Raymond Lee is the CEO while Man Bun Lee is the managing director.
Lee & Man had $1.895 billion revenue in 2012 and employs 7,700 people. Paper is still very much in use and Patrick continues to hold his status as a paper magnate.