Word: krupp
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Dates: during 1960-1969
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...Indonesia or Bolivia when East Europe is on our doorstep?" So says Berthold Beitz, 51, general manager of Germany's huge Krupp combine. Beitz has been spending so much time behind the Iron Curtain recently that his colleagues now call him "the ambassador from Essen...
Last week he returned from Bulgaria after closing a deal in which Krupp will equip and manage a $25 million synthetic fiber plant. Krupp also signed a contract recently to build a cement plant in Yugoslavia, has made a deal to sell diesel-powered fishing boats to Bulgaria, and is holding talks with the Polish, Hungarian and Rumanian governments about machine-tool and other plants...
...Krupp's Drang nach Osten-push to the East-is partly based on new European trade patterns. The agriculturally protectionist Common Market keeps out East Europe's traditional food exports, so that the Eastern countries are forced to seek new ways of earning hard currency. They hope to do so by exporting industrial products from the new enterprises built in partnership with Krupp. Ignoring politics, Krupp has pioneered West-East deals in which it provides the technological know-how and much of the machinery to labor-rich Eastern Europe, shares both the risks and profits with Communist governments...
...business. After making a spectacular postwar recovery that lasted into the end of the 1950s, the firm has had three lean years in a row. Between 1960 and 1963, its earnings were estimated to be below 4% of its sales-barely enough to meet the interest charges on Krupp's large indebtedness. Last year's sales were up about 10%, to an estimated $1.43 billion, but some bankers still feel that Krupp has been resting on its laurels, relying too much on the Kruppianer tradition and too little on aggressiveness and new products...
...startling economic change across the whole Communist-bloc spectrum. Hotel lobbies from Warsaw to Bucharest are jammed with Western businessmen scrambling to get into Communist markets. The "imperialist agents" are getting an interested reception in ways unthinkable a few years before. Negotiators for West Germany's giant Krupp empire last week were tidying up a deal to build plants in Poland that will be German-owned but will employ Polish labor, and Hungary and Rumania have expressed lively interest in similar permanent, paying capitalist boarders of their...