Word: aku
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Dates: during 1940-1949
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...Alien Property net than North American Rayon and American Bemberg Corps. Between them, the onetime partly German-controlled companies made about 8% of all U.S.-made rayon yarn. But North American and Bemberg also proved to be a spiny, troublesome haul. The Dutch Algemeene Kunstziide Unie, N.V. (AKU) complained that the companies really belonged to it. Later the board of directors, representing the minority stockholders, began to complain (TIME, March 8). They wanted the Office of Alien Property to give up its control of the companies...
Among the minority stockholders that will share the companies' future profits (profits last year: $5.7 million) is AKU, which still holds a minority interest. There were strings tied to Beaunit's deal: it may not turn the two companies' rayon yarn into any products made by Beaunit (last year Beaunit made a net profit of 14.4% on $41 million in sales). Also to protect present customers of North American and Bemberg, OAP insisted that the companies continue to supply the customers with yarn for the next five years...
North American Rayon Corp., seventh largest U.S. rayon yarn maker, and its sister company American Bemberg Corp., have had a troubled history. In 1940 the U.S. Government, suspecting that their parent company, the Dutch Algemeene Kunstzijde Unie, N.V. ("AKU"), was partly German-controlled, froze the properties, but allowed the U.S. directors to run the companies...
Last August the Department of Justice's Office of Alien Property seized the two AKU subsidiaries. The Dutch protested, but when OAP proved that one-third of AKU's stock had been German-owned, the Dutch waived rights to one-third of AKU's holdings. This gave the Office of Alien Property controlling interest in North American and Bemberg, which are jointly managed. (The Dutch got AKU's other U.S. subsidiary, American Enka Corp.) No sooner had the Government taken over when a squabble broke out between the board of directors and OAP Boss David...