Wednesday, February 15, 2012GREENVILLE, Pa. -- The $25 million bequest to Thiel College by late businessman, scholar and philanthropist William S. Dietrich II will first be used to fund the Kenneth and Marianna Brown Dietrich Honors Program. The gift, announced in November, is the largest made to the college in its 145-year history.
After joining Dietrich Industries Inc. in Warren, Ohio, the company founded by his father, Dietrich transformed it from a small steel warehouse and distribution business to the nation’s largest manufacturer of light metal framing for the construction industry. In 1996, Worthington Industries bought the company and asked Dietrich to remain as director, which he did until his retirement.
The Dietrich Honors Program will expand Thiel's honors program, creating over time a program that is accessible, integrated into the wider curriculum and featuring a wide variety of honors activities and academic offerings, said Dr. Troy VanAken, college president. A re-invigorated honors program is one of the priorities of the college’s newly adopted strategic plan.
The Dietrich Honors Programs honors Dietrich's parents, Kenneth and Marianna, 1931 and 1932 Thiel graduates, respectively. They met while both were students at Thiel.
The source of the fund that will benefit Thiel is the Dietrich Charitable Trusts, which are charitable remainder trusts created by Dietrich that own assets primarily generated by the 1996 sale of Dietrich Industries, which were grown significantly through a global investment portfolio. Upon his passing, the trusts will fund a new charitable organization, The Dietrich Foundation, which will administer the funds benefiting Thiel College.
Published by The Business Journal, Youngstown, Ohio.