Word: borgward
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Dates: during 1960-1969
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...West Germany's economy has given off some static recently with the ominous crash of several industrial giants, including Automaker Carl Borgward and Shipbuilder Willy Schlieker. Last week another big one swayed perilously close to collapse...
...build an industrial complex of his own, calling one of his two holding firms "Hugo Stinnes Personally Inc." to show his independence to the world. But Hugo depended too much on the memory of his father, and drove himself relentlessly to match old Hugo's accomplishment. Like Borgward and Schlieker, he expanded too fast just for the sake of expansion, building on too narrow a capital base and not watching his profits closely enough...
...building of instant Detroits continues. Mexican financiers have bought the complete auto plant of Germany's bankrupt Borgward to create Mexico's first full-scale auto producer (there are eight foreign assembly plants in Mexico). All 40,000 tons of Borgward's production -line is being shipped over in 40 freighter holds, and the first shipment is due to dock this week. Venezuela this year barred all imports of finished cars; one result is that eleven producers plan to open assembly plants in Venezuela, where they will compete for an annual market of only 28,000 cars...
Ultimately, however, Impulsora hopes to turn out 15,000 to 20,000 Mexican-produced Borgward PP 100s and Isabellas each year. In the meantime, the new consortium expects to pick up change by selling spare parts to owners of the thousands of German-made Borgwards still in circulation all around the world...
Ambitious purpose of the new consortium is to move Borgward's operations to Mexico, which is eagerly trying to build its own auto industry. First to move will be Borgward's body factory, subassembly and assembly plants. Until Mexican technicians can be trained, mechanical parts will be made in Bremen-and production of complete cars for the European market may also be resumed there...