Word: krupp
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Dates: during 1960-1969
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Agony in Overalls. Many German automobile owners undergo agony when their cars are serviced. "When the mechanic goes underneath," says an executive of the DEMAG heavy-machinery works, "I go with him. I must see what he is doing." Steel Magnate Alfried Krupp takes three days off each year to drive his Porsche 911 from the Ruhr to the plant in Stuttgart, where he stands by in overalls while his car is being tuned. Few Germans will lend their cars even to their closest friends...
...mammoth Galati Steel Mill at the Rumanian end of the Danube-and when the deal was consummated, at a candle-light-cum-gypsy-violin blowout in Bucharest, the Rumanian Deputy Minister for Heavy Industry, Constantin Nācutā, executed a neat hora on the tabletop. Demag and Siemens, Krupp and M.A.N. all add to a German investment in Rumania that exceeds $50 million. Italy's Orlandi is building a $1,000,000 bakery in Rumania; Pepsi will soon be bottling in Rumania; the Japanese sell ships to Rumania in exchange for timber, which the Japanese then cleverly turn...
...Alfried Felix Alwyn Krupp von Bohlen und Halbach, 58, fifth-generation ruler of the Krupp empire, last week's dilution of ownership, no matter how tiny, could only signify changing times in a life that has seen many changes. When Krupp succeeded to his family's industrial throne in 1943, the word Krupp was synonymous with armaments. The Krupp plants produced the weapons that helped Hitler ravage Europe; by the end of World War II most of the Krupp factories lay in ruins, pounded into rubble by Allied bombers, and Alfried Krupp himself was sentenced to twelve years...
...Krupp has kept that pledge; the closest his complex now comes to providing the instruments of war is in its production of trucks and transport planes for the West German Bundeswehr. Patiently rebuilding from defeat, Krupp diversified to the extent that Krupp-owned concerns now turn out not only locomotives, aircraft, huge bucket dredgers and machine tools but even mineral water and orchids. Last year Krupp sales amounted to well over $1 billion, thus proving the point made by one of Alfried's corporate aides, who says pridefully: "Peace pays...
...finance further expansion and diversification, Krupp has recently needed ready cash-and raised a quick $27 million by selling shares to several West German banks; they agreed not to sell their Krupp shares until the presently depressed market for German coal and steel stocks improves. Last week's public offering also symbolized a growing recognition that one-man, head-of-the-family control over the empire may end with Alfried Krupp himself. His son Arndt, 28, the heir apparent, one of the swiftest of Western Europe's jet set, does not have an intense interest in business affairs...