Word: aeg
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...similar agreement may be in the works between Britain's International Computers Ltd. and Germany's AEG-Telefunken and Nixdorf Computer companies, all of which make computers that are incompatible with IBM's. ICL is the only European firm that is turning even a marginal profit on its computer operations-in no small mea sure because of some $80 million in government subsidies that it has received since its creation in 1968 by the merger of two smaller firms...
...head to head with IBM, Machines Bull (now Honeywell), Philips, Burroughs and Univac. Nixdorfs firm is the only European-based company that has consistently earned a profit from computers throughout the past two decades. Lately, the directors of one major manufacturer decided that he must be doing something right: AEG-Telefunken last December placed its computer interests in a fifty-fifty partnership with Nixdorf; the two companies have formed a joint subsidiary to develop and produce large computers...
...since last year, when American Cyanamid discovered it was simpler to raise money through a Delaware holding company, which does not have to withhold tax if 80% of its business is done outside the U.S. But European firms are more than taking up the slack. Germany's AEG, Thyssen, Siemens and Hoechst, for example, have moved in to escape the 25% withholding tax at home on interest paid to foreign holders of German bonds. The roster has grown to 32 companies, almost all in the big leagues...
...smokeless, smartly designed plants turn out machine tools, chemical equipment and truck bodies; General Motors' Opel subsidiary 18 months ago opened a $500 million factory for its new Kadett small cars at Bochum-symbolically built over an abandoned coal mine. At Essen and Dortmund, Krupp, Siemens and AEG have put up new plants to manufacture everything from turbogenerators to X-ray apparatus. Also sprouting are plants for electronics parts, TV sets, plate glass and clothing, as well as factories that turn out a cheap furniture; in honor of its city of origin, Germans have dubbed the furniture "Gelsenkirchner Baroque...
...soared since the recent currency liberalization made it easier to repatriate profits in dollars. Heavy U.S. buying in May provided the punch that lifted such stocks as the Anglo-Dutch Unilever from $143 to $153, The Netherlands' Philips' Lamps from $158 to $176, West Germany's AEG (electrical equipment) from $83 to $91. and Bayer (chemicals) from $93 to $105. One reason for particular U.S. interest in Germany: if a foreign investor holds his West German stock for more than three months, he pays no taxes, thus can use his full long-term profits for further investment...