Word: beijerinvest
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...from-the-wheels-up model like the 760 would have meant a major financial commitment by Volvo. But following an ambitious diversification program that was begun six years ago, automobiles now account for only 35% of sales. The crown jewel was last year's acquisition of Beijerinvest, a large energy trading company, for $305 million. With the acquisition came 31 oil-drilling sites in the North Sea. In August, Volvo expanded its oil holdings by buying 50% of Hamilton Brothers Petroleum Corp., a private U.S. firm that also explores for offshore crude. Despite weakening oil prices, Volvo...
...socialist Sweden's soak-the-rich laws that trying to make it big in business is about as difficult as trying to hit a home run inside a telephone booth. Yet it can be done. The most dramatic proof is Anders Wall, 45, president of Stockholm-based Beijerinvest and the fastest-rising star in the Swedish corporate world. During the past decade, Wall, through a shrewdly calculated program of acquisitions, has built his company from a small trading firm into a conglomerate embracing 50 trading and manufacturing concerns that turn out goods as diverse as beer, rolling-mill equipment...
Wall, who began life as a poor farmer's son near the town of Uppsala, has become Sweden's highest-paid executive. He earns $340,000 a year, though taxes gobble up 80% of it. In addition, Wall controls 15% of all outstanding Beijerinvest shares, which at current market prices are worth about $3.6 million. In marked contrast to the stereotype of the dour Swede, Wall is a chipper, handsome, nattily dressed man who favors loud ties and modern art. A striking transparent torso of a woman stuffed with American $1 bills adorns his Stockholm office. Wall...
...father died, and Wall, while attending high school, went to work in a brick factory, hustled subscriptions for the local newspaper and later sold real estate. At 20 he enrolled in Stockholm's School of Economics, where he caught the eye of Kjell Beijer, Beijerinvest's owner, who hired him part time. Wall joined the company in 1958, and in 1964 was given chief responsibility for the firm's operations. Immediately he set out to expand the company, selling off deadwood and using the money to buy firms with fatter profit potential. In the process, he spread...
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