Word: hochtief
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...shareholders - unless potential bidders are scared off by looming lawsuits. Will Executive Bonuses Be Next? Marking a victory for anticorruption campaigners, 18 of the world's top construction and engineering firms have agreed to stop paying bribes to win contracts. At the Davos World Economic Forum, the firms - including Hochtief of Germany, Swiss-based ABB and Skanska of Sweden - unveiled a set of principles aimed at eliminating bribery, contending that businesses themselves are hurt by rampant payoffs because they distort competition. "There is significant corruption in the industry," Alan Boeckmann, chief executive of U.S. construction giant Fluor, tells TIME. Some...
Second Lowest. Impregilo and its partners had actually submitted the second lowest bid to build what will eventually be the largest earthen dam in history. Lower by $75 million was another consortium of companies in Germany and Switzerland headed by the German construction company Hochtief. But when the Germans and Swiss reviewed their figures, they asked to be allowed to raise the original bid by $50 million. Pakistani officials demurred. They gave the job instead to Impregilo, which has already gained impressive dam-building experience from projects in the Middle East and Africa...
...Hochtief seems to spell success in any language. War-torn Germany was a rebuilder's dream, and Hochtief's sales rose sixteenfold from...
...that era is over, and Germany's construction boom has slowed down: the industry contented itself with only a 3% increase in business last year. Hochtief grew twice as fast as that by rapidly expanding its foreign enterprises, raised its sales to $150 million last year. Says Wilhelm Hartmann, 55, who is in charge of foreign business and is expected to take over the firm next year: "We must continue to break our geographical boundaries." Hartmann looks to Asia, Africa and South America as places where future projects will be big enough to interest Hochtief. Besides the temple...
Self-Interested Aid. Hochtief now does nearly 25% of its business abroad -and Hartmann sees no reason why it should not do more. German firms, he feels, have a special advantage in sensitive new nations, because Germany has not been a colonial power since World War I. German firms also benefit from the self-interested way in which Bonn hands out foreign aid. Hochtief got a leg up for the big Abu Simbel project by winning a smaller, but highly important contract to move an ancient temple at Kalabsha that was also threatened with flooding from the Aswan dam. Hochtief...