Word: consortium
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Dates: during 1960-1969
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...time he joined Henschel, Goergen bought up 27.5% of the company's stock, and by the end of 1960 he owned 95% of it. Last year he sold a 43.4% interest in the company to Paris-based Australian Financier Joseph R. Nash and a U.S. consortium including the Morgan Guaranty Trust Co., Yale University, and the General Tire Co. pension fund. One reason for the sale was that Goergen was finding it hard to persuade German banks to meet his ever-mounting demands for expansion capital. But he also had a nonfinancial motive. Says he: "I see great advantages...
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...
...rumors that his Bremen plants were about to be sold to one or another of Detroit's Big Three. Last week, after six months of quiet negotiation, Borgward was finally sold for $14 million-but not to Detroit. The buyer turned out to be Impulsora Mexicana Automotriz, a consortium recently formed by top Spanish Truckmaker Eduardo Barreiros Rodriguez and a covey of Latin American entrepreneurs, including Bolivian Tin King Antenor Patino and Millionaire Mexico City Lawyer Ernesto Santos Galindo...
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...
...desperation, a consortium of West German banks brought in as boss of Henschel a most atypical German industrialist-short, swarthy Fritz-Aurel Goergen, 53-null makes no pretense to gentility or polish. In sports, his tastes run to soccer and pigeon raising, his favorite drink is the traditional German miner's tipple of "steel and iron" (schnapps mixed with beer), and an unwelcome visitor to his office is apt to be presented with a calling card bearing a highly ribald piece of advice. Fritz-Aurel Goergen proudly de scribes himself as a "little...