Gene Francis Haas, born on November 12, 1952, is an American entrepreneur known for founding Haas Automation.
Hass Automation is a CNC machine tool manufacturer, and his involvement in motorsports with NASCAR team Haas CNC Racing (now Stewart-Haas Racing) and the Formula One team, Haas F1 Team.
Haas is also recognized for his philanthropic efforts through the Gene Haas Foundation, supporting education and manufacturing programs.
Despite his success, he faced legal issues, including criminal tax evasion, resulting in a two-year prison sentence and a $75 million restitution.
Net worth
Haas’ net worth is estimated to be $250 million.
He amassed his fortune primarily through founding and growing Haas Automation, a leading CNC machine tool manufacturer.
Haas started a small machine shop called Pro-turn Engineering in 1978 and developed the first fully-programmable cutter indexer, which simplified machine tool production processes.
He founded Haas Automation in 1983 to mass produce the indexer and it grew to become the largest machine tool builder in the western world, manufacturing a complete line of CNC machine tools.
In 2008, Haas Automation’s sales were just under $1 billion, and the company continues to be a major source of Haas’ wealth as the largest machine tool manufacturer in North America with annual sales exceeding $1 billion.
Motorsports involvement
Haas is deeply involved in motorsports, having founded NASCAR team Haas CNC Racing (now Stewart-Haas Racing) and the Formula One team, Haas F1 Team.
His foray into motorsport began as a means to promote his enterprise, with the motorsport sector being a significant customer for Haas CNC machines.
Haas’s NASCAR team, originally called Haas CNC Racing, was founded in 2002 and has achieved significant success, winning 88 races and two championships since its inception.
In 2009, Haas partnered with Tony Stewart to form Stewart-Haas Racing, which continues to compete in the NASCAR Cup Series.
In Formula One, Haas F1 Team made its debut in the 2016 season after Haas announced his intention to enter the sport in 2014.
The team has partnered with Dallara for chassis design and development, and with Ferrari for power unit and technical support.
The team’s performance has improved in recent years, with a notable uptick in the 2022 Formula One World Championship.
Haas’s involvement in motorsports is primarily driven by the desire to promote his Haas Automation brand and its CNC machine tools, which are widely used in the motorsport industry.
The exposure and marketing opportunities provided by owning NASCAR and Formula One teams have been valuable for Haas Automation’s growth and brand recognition.
Haas’s motorsports ventures have also allowed him to pursue his passion for racing and contribute to the sport’s development, particularly in the case of the Haas F1 Team’s efforts to establish a successful Formula One program.
How much is Hass F1 team worth?
The Haas F1 Team, founded by Gene Haas in 2016, is valued at $780 million.
This valuation takes into account various factors that contribute to the team’s overall worth.
The brand value of the Haas F1 Team has been established through its prominence as a competitor in the Formula One World Championship, contributing to its recognition and value.
The team’s investment in state-of-the-art facilities, equipment, and personnel, including partnerships with Dallara and Ferrari for chassis and power unit support, adds to its overall value.
The team’s performance on the track, including race wins, podium finishes, and overall competitiveness, can also impact its valuation.
Revenue generated from sponsorships, partnerships, and commercial agreements play a significant role in determining the team’s value.
Additionally, the Haas F1 Team’s position within the competitive landscape of Formula One, its market appeal, and potential for growth influence its overall valuation.
As the Haas F1 Team continues to evolve and improve its performance in Formula One, its value may increase further.
Strategic decisions, investments in technology and talent, and successful partnerships can enhance the team’s value over time.
The team’s ability to attract sponsors, secure competitive drivers, and maintain a strong presence in the sport will also impact its valuation in the future.
Tax evasion
In 2010, Haas pleaded guilty to criminal tax evasion charges related to his machine tool company, Haas Automation.
He was charged with conspiracy to defraud the United States and filing a false tax return, admitting to underreporting his income by millions of dollars between 2000 and 2007.
Haas was sentenced to 24 months in federal prison and ordered to pay approximately $70 million in restitution to the IRS, along with a $5 million fine.
The scandal had a significant impact on Haas Automation, but the company continued to operate and grow.
Haas has reflected on the case, acknowledging his mistakes and the lessons learned from the experience, stating that it was humbling and made him more cautious in his business dealings.
Despite the setback, Haas has rebuilt his reputation and continued to expand his business ventures, including his successful NASCAR and Formula One teams.
The case serves as a reminder of the importance of ethical business practices and compliance with tax laws.
Philanthropic efforts
Haas has made significant philanthropic efforts through the Gene Haas Foundation, which he founded in 1999.
Initially, the foundation provided grants to local charities in Ventura County, California, such as the Boys and Girls Clubs, Food Share and Rescue Mission.
Haas Automation and Haas were the recipients of the Roy Pinkerton Award from the United Way, Ventura County Chapter, for their philanthropic activities.
Recognizing the growing need for skilled manufacturing employees, the foundation expanded its mission to support manufacturing training programs throughout North America and beyond.
The foundation provides scholarship grants, sponsors individual and team CNC competitions (such as the FIRST Robotics Competition) and partners with top CNC training programs to expand access to high-quality manufacturing technology education.
In 2022, the Gene Haas Foundation provided more than $27 million in grants, bringing the total donations since its inception to over $175 million.
The foundation has supported various educational institutions by donating CNC machines and outfitting CNC Labs, including at California Polytechnic State University (Cal Poly), California State University, Channel Islands, California State University, Northridge and De Anza College.
In 2015, the foundation awarded a $1 million grant to Danville Community College in Virginia to support an Associate of Applied Science degree program in Integrated Machining Technology.
Through the Gene Haas Foundation, Haas has made a significant impact on manufacturing education and local communities, demonstrating his commitment to supporting the industry and giving back to society.
