Word: bosch
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Dates: during 1960-1969
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...Bosch's 30 plants and $500 million in sales grew from a small Stuttgart electrical shop, where Robert Bosch in 1886 started a modest business to install lightning rods, doorbells and telephones. He soon devised a new magneto-ignition that was superior to existing types, and in 1896 entered the young automobile business. He grew wealthy supplying such auto pioneers as Gottlieb Daimler, but continually worried over the money he made. Bosch gave away $5 million in World War I profits, explaining: "The profit I was making while other people were losing their lives depressed...
...network is the most recent example-have actually died. To remedy this situation and to avoid huge inheritance taxes, many German firms are turning over ownership to corporate foundations. Last week, in the biggest such move so far, a foundation took over the automotive and electronics empire of Robert Bosch GMBH, one of West Germany's largest appliance makers...
Depressing Profits. The arrangement guarantees the kind of "forceful and rich development" that Founder Robert Bosch hoped for after his death. Now one of Germany's most diversified corporations (3,100 products), Bosch dominates Europe in the automotive-equipment field. From car radios to fuel injection pumps, its products go not only into such German cars as Volkswagen, Mercedes and Opel but into Italian Fiats, French Peugeots and Renaults as well. Bosch is also Europe's biggest refrigerator maker, manufactures other lines from hearing aids to motorized hand tools...
Predetermined Future. This year, eight years ahead of their deadline, the executors decided to create a foundation, which, under German law, may own a business but not run it directly; a holding company set up by the foundation will do that. Bosch's heirs-a son, three daughters and a grandson -have already turned over 87% of the family's stock to the foundation, will be paid for the stock from future earnings. They will no longer sit on the board automatically, but will have to run for election like ordinary directors...
...last December, as the man completely in charge. A shrewd, tough-minded onetime auto dealer, Reid is trying to lead the country into new elections by mid-1965. Six political parties have ratified a plan for two elections-for the Constituent Assembly and the presidency. But deposed President Juan Bosch's supporters and two other parties are withholding their support. Bosch followers are demanding full political freedom for their exiled leader; the other holdouts want more guarantees that a free election will be held. Not until the three parties agree to the plan will it go into effect...