Word: henschell
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...bankers can thus hand-pick many a top corporate executive, as they did Fritz-Aurel Goergen of the Henschel locomotive works. The supervisory boards of German companies are so heavy with bankers that the government has limited each banker to 20 memberships. Special permission to have more, however, has been given to Hermann Abs, politically potent chief of the Deutsche Bank. His current total: 24 directorships...
...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...
Souvenir. Today, on the wall of his Kassel board room, Fritz-Aurel Goergen displays a selection of letters from his German bankers. Written as late as January of last year, they all protest nervously at his ambitious expansion plans for Henschel. A target of $122 million in sales for Henschel, complains one of the letters, is "intolerable." Says Goergen, whose sales have already hit $125 million and are still growing: "Putting those up for all to see is the revenge of the little...
...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...
...Ceremony. When he was picked to run Henschel five years ago, Goergen un ceremoniously began by firing most of Henschel's top management, decreeing an immediate switch into diesel and electric locomotives and cutting the company's truck line from 45 models to ten. Simultaneously, he diversified into road-building equipment, machine tools, diesel generators, military vehicles and helicopters. Many of the new products were built under licensing agreements with such U.S. firms as E. W. Bliss (road builders) and Prodex Corp. (plastics machinery). By 1960 Henschel had tripled its sales and was showing a profit...