Word: henschel
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...dessert time at the banquet marking Chancellor Ludwig Erhard's ceremonial visit to the Hanover Fair. Suddenly a Nachtisch of grim-faced police appeared. To the astonishment of the crowd, they arrested and marched away Fritz-Aurel Goergen, the president of the vast Henschel Works, whose $125 million in annual sales cover locomotives, trucks and heavy machinery. Before the week was out, two other Henschel executives had been arrested, and four had had their homes and offices searched. Germany was faced with what may be its biggest postwar business scandal, which quickly began making bold headlines and even bolder...
Suspicion of Fraud. Under German law, prosecutors need not immediately bring charges against arrested suspects, and the Koblenz prosecutors directing the Henschel case were tightlipped. Ruhr-born Goergen was simply confined to a Kassel jail on "suspicion of fraud against the German government." But in the German business community, the word spread that the charges involved faked invoices and old parts passed off as new in a $16 million defense contract awarded to the Henschel Works to provide spare parts for U.S.-built M-47 and M48 tanks used by the West German army...
...manage part of the old Thyssen steelworks, Goergen built Phoenix-Rheinrohr into the nation's second largest steel company before he and Widow Amelie Thyssen, his principal stockholder, split in a disagreement over policy. With the $600,000 settlement that he received after resigning, Goergen bought into Henschel, a once mighty steam-locomotive maker in Kassel that had sagged into receivership because it had underestimated the diesel locomotive...
...ancillary services as hotels, restaurants and airlines. But even as they tallied up their new orders, Germany's businessmen debated whether the Hanover Fair -or, for that matter, Europe's proliferation of industrial fairs-was really worth the bother. Said Fritz-Aurel Goergen, managing director of exhibiting Henschel (trucks, heavy machinery): "There's probably nobody who doesn't recognize that this is a drain of money, manpower and time that borders on insanity...
...scale, exhibitions can be very expensive; German companies allot $375 million yearly to fairs, or about half as much as they spend on all advertising. Such smaller companies as porcelain makers or optical works may hope to recoup their outlay in sales or business contacts. But for Krupp, Henschel, Mannesmann and other heavy machinery giants, which occupy 60% of the space at the Hanover Fair, the return is measured largely in good will. The really interested customer keeps up with their products anyway, and visits the plants to inspect them; he rarely buys anything big at such fairs. A Mannesmann...