Billionaire conservative tycoon Charles Koch is writing a new book giving his advice on the business and management style that helped him to create the multinational corporation Koch Industries with his brother David Koch.
The book, "Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies", will be published in October by Crown Business, a division of Penguin Random House, according to The Associated Press.
Dave Robertson, president and chief operating officer of Koch Industries, said the book will discuss the company's Market-Based Management (MBM) framework "and how it has been applied within Koch companies to create real, long-term value for our customers, employees, businesses and society."
He added: "This new book will include many personal anecdotes and offer dozens of new examples of MBM in action. This is an exciting time for Charles and Koch companies. We look forward to seeing the finished product and benefiting from Charles' work."
The 79-year-old Koch, who is chairman and CEO of Koch Industries, also wrote about Market-Based Management in the 2007 book "The Science of Success". His brother David is the executive vice president of the corporation.
According to the Charles Koch Institute website
, Market-Based Management enables organizations to succeed in the long-term by applying the principles "that allow free societies to prosper."
"Just as upholding values such as free speech, property rights, and progress are important to a healthy, growing society, they are also pivotal in fostering a healthy, growing organization." the institute says.
"By applying the components of a free-market society to Koch Industries through this management philosophy, Charles G. Koch was able to build a successful, multi-national company.
"Over the last 40 years, Koch Industries has grown to have a presence in about 60 countries and currently employs about 100,000 people worldwide. MBM's proven success in the business world can provide great value to non-profit organizations because, at its essence, it focuses on creating real, sustainable value for society."
Charles and David Koch, who are among the world's richest men, are key supporters of conservative and libertarian causes, and often come under personal attack by liberals such as Senate Minority Leader Harry Reid.
The Kochs co-founded Americans for Prosperity, the flagship organization of their political network. Earlier this week, the group criticized President Barack Obama for vetoing a bill to approve construction
of the Keystone XL pipeline.
The group's CEO Luke Hilgemann released a statement, saying, "President Obama made it clear that he is willing to put partisan politics and special interests before the American people.
"Both Chambers of Congress and the overwhelming majority of Americans want the thousands of shovel-ready jobs and billions in economic growth that this project would bring. The president's veto is another demonstration that he's simply out of touch with the concerns of most Americans."
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