Early Life
William Young was born on February 15, 1918, in Lexington, Kentucky. He earned a Bachelor of Science in Mechanical Engineering from the University of Kentucky in 1939. After a brief stint at Bailey Meter Company, Young served in the U.S. Army's Ordnance Department during World War II, achieving the rank of Major.
Rise to Success
After the war, Young established W.T. Young Foods, Inc., in Lexington, manufacturing Big Top Peanut Butter. This business was later sold to Procter & Gamble in 1955. In 1958, he founded W.T. Young Storage, Inc., and related businesses. In 1967, William Young and his father founded Plastipak, which has become a major player in the plastics industry, manufacturing containers for major brands like Pepsi and Procter & Gamble.
Key Business Strategies
A key strategy for Plastipak was securing a ready supply of plastic containers by manufacturing them in-house. Young's company holds over 500 U.S. patents for package design and manufacturing processes, solidifying its market position. The Young family sold a minority stake to Goldman Sachs in 2018, and bought them out by 2020.
Philanthropy
William Young's philanthropy is notable, with over $60 million donated to various causes, including the YMCA, Junior Achievement, and the Red Cross. He was a University of Kentucky trustee and donated significantly to build the William T. Young Library. The William T. Young Foundation Inc. is based in Lexington, KY, and is a philanthropic organization. The foundation's assets totaled approximately $3.37 million as of April 2025. The William T. Young Foundation awarded 16 grants in 2024.