Paul Soros, philanthropist and shipping leader, died on Saturday at the age of 87 in his New York City home, announced his son, Jeffrey Soros.

Soros, who is the older brother of famed billionaire George, was in ailing health. He was being treated for Parkinson’s disease, cancer, renal failure and diabetes when he passed away.

“Through his engineering innovations, philanthropy and personal relationships, he profoundly impacted many lives,” said his son. “He was loved dearly and will be sorely missed.”

Soros was born in Hungary in 1926, studied mechanical engineering in Budapest, and defected from his home country in 1948 when it was under the rule of the communist regime. Eventually Soros ended up in the United States.

Soros Associates was founded in 1956 and soon became a well-respected engineering and shipping company. Paul’s company forged several new practices that changed the bulk shipping industry. He also built new ports and offshore terminals in many countries.

Soros wrote dozens of articles on technical subjects as well as holding patents in material handling and offshore technology. Later on in his life Paul worked together with his younger brother George and invested in mining and industrial companies.