Word: aurel
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Dates: during 1960-1969
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With Fritz-Aurel Goergen, the boss of West Germany's Henschel Works, awaiting trial on charges that he cheated the government in a $16 million tank deal, businessmen have been wondering what would happen to the vast heavy-equipment firm he made one of Germany's most profitable. Last week Essen's Rheinische Stahlwerke ended the speculation by making a bid to purchase Henschel, a move that would catapult the enlarged firm to third place among Germany's coal and steel giants (after Thyssen and Krupp...
Rheinstahl sells steel to Henschel, whose production of heavy trucks complements Rheinstahl's lighter line. Most important, Henschel is at a crossroads where it needs both larger injections of cash and a new guiding light to replace the ailing Goergen. Fritz-Aurel Goergen would be delighted to sell out to Rheinstahl, and in fact began merger talks with Rheinstahl Boss Werner Sohngen more than a year ago, but he owns only 53.9% of the stock. Most of the rest is in the hands of such U.S. investors as Morgan Guaranty Trust, Wall Street's Burnham & Co. and Financier...
...recently, as the result of a number of sensational investigative arrests, has a reform movement been started. Half a dozen ranking executives of West Germany's big Henschel Werke (locomotives, trucks, land movers) have been jailed on suspicion of defrauding the West German Defense Ministry, including President Fritz-Aurel Goergen, who was hauled away from a banquet honoring Chancellor Ludwig Erhard (TIME, May 8). Germany's biggest clothing manufacturer, Alfons Muller-Wipperfurth, was grabbed from a hospital bed and jailed on suspicion of tax evasion. In 1962, after Germany's saucy newsmagazine Der Spiegel questioned West Germany...
...dessert time at the banquet marking Chancellor Ludwig Erhard's ceremonial visit to the Hanover Fair. Suddenly a Nachtisch of grim-faced police appeared. To the astonishment of the crowd, they arrested and marched away Fritz-Aurel Goergen, the president of the vast Henschel Works, whose $125 million in annual sales cover locomotives, trucks and heavy machinery. Before the week was out, two other Henschel executives had been arrested, and four had had their homes and offices searched. Germany was faced with what may be its biggest postwar business scandal, which quickly began making bold headlines and even bolder...
Loss of Honor. Working twelve-hour days, short, blunt-mannered Fritz-Aurel rebuilt the giant, expanded into industrial machinery and helicopters, sold 44% of his stock to such U.S. investors as Morgan Guaranty Trust and Yale University when German bankers refused to finance further expansion. Goergen lived like the entrepreneur he was. His suburban Düsseldorf villa, ransacked by police for evidence, is filled with rich rugs, works of art and salons the size of tennis courts...