Daniel Abraham, founder of the American "weight loss empire" Slim-Fast, died at the age of 100
Kyiv • UNN
Daniel Abraham, a New York billionaire who created the Slim-Fast "weight loss empire," died at the age of 100. His fortune was estimated at $2.4 billion, and he sold Slim-Fast to Unilever NV in 2000 for $2.3 billion.
Daniel Abraham, a New Yorker who became a billionaire by tempting dieters with meal replacement shakes, has died.
UNN reports with reference to Bloomberg and The New York Times.
Details
One of New York's most famous residents, Daniel Abraham, who became a billionaire by making money on weight loss technologies, including meal replacement shakes called Slim-Fast, has died. Abraham was 100 years old. He sold his company to Unilever NV in 2000. According to Forbes magazine, Daniel Abraham's net worth was about $2.4 billion.
Reference
The New York Times delves into his entrepreneurial journey, which began with an unremarkable decision to join the family business after demobilization from the army in 1945.
He succeeded in medical douching called StomAseptine. Later, his father saw an advertisement for Thompson Medical Company, a manufacturer of an anti-itch ointment called San-Cura, and he bought this company for $5,000.
Abraham went from pharmacy to pharmacy, selling the ointment, and used its success to launch new products.
He later launched:
- gas tablets;
- throat medicine;
- mint chewing gum.
Many of these products were called "doors" by The Times for the future magnate into the weight loss industry. Abraham focused on this area since 1956.
The "magic" powder Slim-Fast
Introduced in 1977, mixed with low-fat milk, Slim-Fast became a breakfast and lunch substitute for millions of weight-conscious Americans.
For Abraham, the launch of Slim-Fast marked the culmination of a career in over-the-counter pharmaceutical consumerism that began in the 1940s.
Before Slim-Fast, Abraham's most successful diet product was the appetite suppressant Dexatrim, which had sales of $50 million in 1979.
But with Slim-Fast, Abraham achieved financial success and popularity. The product was endorsed by celebrities who were on diets. Former New York Mayor Ed Koch and Major League Baseball manager Tommy Lasorda, among others, became fans of Slim-Fast.
It should be noted that under Daniel Abraham's leadership in the 1990s, Slim-Fast introduced frozen entrees, snacks, and other diet products to fend off competitors.
Sales grew by approximately 20% per year, reaching $611 million in 1999, with profits of $125 million.
Participation of the innovator in weight loss products in politics
In addition to business, Daniel Abraham was actively involved in Middle Eastern politics, forging close ties with leaders, including Bill and Hillary Clinton (he was a major donor to her 2016 campaign) and former Israeli Prime Minister Ariel Sharon.
He is the author of memoirs and a book on peace efforts in the Middle East.
Abraham is survived by his wife, six children, 27 grandchildren, and 34 great-grandchildren.
Recall
At the age of 87, billionaire and philanthropist Eli Broad died in Los Angeles.
Charles Dolan, founder of HBO and Cablevision, passed away at the age of 98.
In the USA, the publisher and founder of the American pornographic magazine Hustler, Larry Flynt, died at the age of 79.