Word: daimler
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...troubled Daimler-Benz, which will carve 43,000 from its worldwide payroll over the next 14 months, 3,000 salaried employees agreed to mild concessions. They would accept Christmas bonuses at 60% of a month's wages, instead of 100%, and give up a cornucopia of fringe benefits such as reimbursement for a child's first Communion outfit. But getting real sacrifice is not so easy. To address the needs of an aging population, Kohl sought to finance long-term nursing care by dropping up to six days of the sick pay workers get. The idea provoked a minicrisis...
...MOVE DESIGNED TO CUT COSTS AND BOOST PROduction, Mercedes-Benz is expected to announce this week a decision to build an auto plant on American soil. Daimler-Benz, the corporate parent, has been expanding its links with the U.S., recently signing a deal to become the first German company to be listed on the New York Stock Exchange. By selecting the U.S. for its assembly plant, the company is placing a huge vote of confidence in American manufacturing. It is also putting its fine-tuned reputation for quality engineering on the line. The factory will produce a new four-wheel...
Such potential has made the materials business one of the most hotly contested high-tech fields. Hundreds of companies, from IBM to Germany's Daimler-Benz to Japan's Sony, are investing heavily to come up with the next breakthroughs. Advanced-material sales, which will top $2 billion this year, are expected to reach $20 billion by the year 2000 as research efforts of the past decade start paying big dividends in the form of new products...
...debt on business deals that have been partly completed but not paid for. Some of those losses will be covered by Hermes Kreditversicherung AG, the German state export-insurance program, but as much as $1.2 billion in trade with Iraq and Kuwait is not insured. Large diversified conglomerates like Daimler-Benz, Mannesmann and Ferrostaal can absorb such shortfalls, but smaller firms with proportionately larger exposure are talking about hardship and calling for a government bailout...
...both BMW and Daimler-Benz, the maker of Mercedes, are flush with profits, thanks in part to the booming German economy. BMW aims to produce a record 520,000 cars this year, up 1.6% from 1989. Both companies proclaim their readiness to take on the Japanese luxury cars, but their fear is showing. "The Lexus is not a Mercedes, but as a portent of what they are able to do, it is more worrying," says John Evans, a British spokesman for Mercedes. "You ignore the Japanese at your peril...