Word: creusot
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...Paris commercial court last week ordered the liquidation of Creusot-Loire, France's largest privately owned engineering conglomerate. The group's companies, which had amassed losses of more than $220 million in the past two years, had run up debts of more than $633 million. The failure was the biggest industrial bankruptcy in French history...
...Creusot-Loire was created in 1970 by the merger of three steel and engineering groups. In 1980 Harvard-educated Didier Pineau-Valencienne took over as chairman and sought to streamline the company's operations. To no avail. In 1983 the group racked up record losses of $200 million...
...sagging fortunes, Pineau-Valencienne in March demanded a new $277 million aid package from the government of Socialist President François Mitterrand. Talks over a new salvage operation got nowhere. The Ministry of Industry accused Pineau-Valencienne of refusing to accept a "reasonable" blueprint, while the Creusot-Loire chairman charged that the government was trying to seize control of the company...
...involved in the compressor sale on a "temporary denials" list, a partial commercial boycott that prohibits them from buying any U.S. goods, services or technology. One of the firms, Dresser-France, the manufacturer of the three compressors, is the wholly owned subsidiary of Dresser Industries of Dallas. The other, Creusot-Loire, a Paris-based heavy-engineering firm, is the leading French contractor for Soviet pipeline orders...
...company has been under the Schneiders since 1836, when brothers Eugene and Adolphe Schneider started making locomotives and munitions south of the Burgundy wine district at Le Creusot. Under Liliane's elegant and cynical father-in-law, the late Charles Prosper Eugene Schneider, the company shipped arms to most of the world's warring nations. It bought iron mines, foundries and shipyards, and won control of more than 200 arms plants outside France, including Czechoslovakia's Skoda, which it sold to Czech interests just before the Nazis occupied all Czechoslovakia. The French government nationalized Schneider...