Word: auto
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...many auto-industry watchers, the deal was a masterstroke, another example of the dazzling acumen of Chrysler Chairman Lee Iacocca. To others, it was an expensive maneuver laden with risks that could cost the No. 3 U.S. automaker dearly in the future. Either way, there was no denying that the flamboyant Iacocca set corporate America abuzz last week with the announcement that Chrysler had agreed to buy a controlling interest in American Motors Corp., the longtime also-ran of the U.S. auto industry, from the firm's major shareholder, France's Renault. Code-named Project Titan at Chrysler headquarters...
...That could be a steep price to pay for a company that lost $91 million last year on sales of $3.5 billion. But Iacocca has coveted several valuable AMC assets. Among them: AMC's popular Jeep division, which sold a record 207,514 vehicles last year; a new Renault auto-assembly plant in Canada built for $340 million but now worth an estimated $800 million; and AMC-Renault's 1,472 North American dealerships...
...proposed acquisition will not shake up the rankings in the $230 billion- a-year U.S. auto industry. For increasingly robust Chrysler (1986 profits of $1.4 billion on sales of $22.6 billion), the deal would merely add AMC's piddling .7% car market share to the bigger firm's 10.3%. That would still leave the merged company far behind No. 2 Ford (18%) and GM (39.6%). But the purchase will help Chrysler solve a pressing problem: its factories do not have the capacity to produce enough cars to meet demand. Chrysler had started easing that production crunch by contracting...
This unsettling phenomenon is by no means unique to the auto industry. It is occurring more and more as the U.S. persuades foreign countries to accept import limits on textiles, machine tools, sugar, meat and carbon steel, among other items. As pressure for more trade legislation builds this year in Congress, a growing number of economists and legislators have concluded that there must be a better way to run a quota system...
That fact emerged last week in the most significant trial in Israel since Adolf Eichmann was brought to justice 26 years ago. One after another, Holocaust survivors have been taking the witness stand to testify against John Demjanjuk, a retired auto worker from Cleveland who stands accused of operating gas chambers in which 850,000 Jews were killed during World...