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2019 Power 50: Valentin P. Gapontsev, Ph.D.

Valentin P. Gapontsev, Ph.D.  Chairman & CEO IPG Photonics Corp., Oxford Residence: Worcester Colleges: Lvov Polytechnic Institute, Moscow Institute of Physics and Technology
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Gapontsev didn’t have the greatest year in 2018, as he lost $1.2 billion in net worth, according to Forbes, due to the hit IPG took in its stock price, as the U.S. trade war with China eats into IPG revenues and Wall Street remaisn wary of the company. Gapontsev remained embroiled with the U.S. Department of the Treasury over his listing as a Russian oligarch, which he and IPG have sued the government over since Gapontsev is a dual U.S.-Russia citizen and they say it impedes the company’s ability to do business. Still, IPG did increase its revenues by 16% in 2018, hitting a record $1.46 billion. It global headcount increased 13% to 6,231 employees and in Central Massachusetts provides 1,750 jobs, a 17% increase from last year.

The company is embarking on a global expansion and has spent $76 million on real estate in Oxford and Marlborough alone, as it plans to grow its presence beyond its Oxford headquarters. The company remains committed to community programs like hosting interns from regional high schools, funding local food banks and providing equipment to the Oxford police and fire departments. And it’s not like Gapontsev is going begging either: Despite losing $1.2 billion in net worth, Forbes says he is still valued at $1.8 billion.

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