Walter Wang, CEO of JM Eagle, a major plastic pipe maker, recently made his debut on The Forbes 400 list of richest Americans with an estimated net worth of $3.6 billion. His company stands to benefit from a new rule announced by President Biden that will require the replacement of lead pipes in the U.S. within 10 years. Wang predicts this new regulation will boost JM Eagle’s revenue by 20% to 25%.
Despite facing a whistleblower lawsuit in 2006 that alleged the company was misrepresenting the quality of its pipes, JM Eagle has continued to thrive in the industry. Wang, who acquired the company from his father in 2005 and has since grown it sevenfold, credits part of their success to providing a one-stop shop for various plastic pipe applications. The company holds a roughly 10% market share in the U.S. and has worked on projects ranging from national parks to industrial facilities.
Wang’s personal journey includes overcoming struggles such as a battle with cancer shortly after acquiring JM Eagle. Despite these challenges, he remains committed to the business, viewing it as a family enterprise that he hopes to pass on to future generations. Wang’s wife Shirley, who is CEO of another manufacturing company, emphasizes the importance of perseverance and sticking to one’s passion in entrepreneurship.
While JM Eagle has faced legal challenges, including a recent lawsuit accusing the company of overcharging buyers, Wang remains optimistic about the business landscape in the U.S. He believes in the potential for entrepreneurs to start from scratch and succeed, pointing to his own experience of building a multi-billion-dollar enterprise from borrowed funds.
Wang’s philanthropic efforts include offering to replace lead service lines in Flint, Michigan, for free, although the city ultimately declined the offer. Internationally, JM Eagle has donated plastic pipes to African countries to provide access to clean water. Wang also emphasizes the importance of planning for the future of his business and family, breaking away from cultural traditions that discourage discussions about succession.
As Walter Wang continues to lead JM Eagle towards long-term success, he remains dedicated to his multi-generational approach to business and family matters. With a focus on quality, innovation, and social responsibility, Wang’s company is poised to play a significant role in the evolving landscape of infrastructure and environmental protection in the U.S. and beyond.
