Word: krupp
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Dates: during 1970-1979
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...loan is only one in a growing number of bold business ventures by the Shah. Last year Iran bought a 25% chunk of the steel-producing division of West Germany's Krupp concern for $100 million, and Iranian banks participated in a $200 million loan to the Grumman Corp. Last week the Shah also unveiled a grandiose $5 billion project for the modernizing of Tehran, his capital...
...Additionally, Iran this year has committed $7 billion worth of grants, loans and deposits against future purchases from a dozen countries, including Britain and France. For an estimated $100 million, the government recently bought 25.04% ownership of the steel-producing branch of West Germany's 162-year-old Krupp steel empire. In August the Shah endowed a million-dollar chair in petroleum engineering at the University of Southern California...
...Government, of course, could well refuse to let Grumman take a loan from the Shah (whose government recently bought a fourth of the shares of West Germany's giant Krupp combine at a cost of about $100 million). Democratic Representative Otis Pike and Republican Senator Jacob Javits of New York are pressing the State Department to approve. But it scarcely seems in the U.S.'s interest to let an important defense contractor become financially dependent on a foreign government. The Pentagon is urging Grumman to seek financing from U.S. banks instead. There also is a serious political question...
...fabled Essen-based Krupp industrial empire, which supplied munitions for Germany's military forays for more than a century, was owned entirely by the Krupp family in 1967 when near bankruptcy forced the Krupps to relinquish control. But ownership still remained exclusively German, with 95% of Fried. Krupp Hüttenwerke AG, the steel-producing operating company, in the hands of a foundation. Last week, the Iranian government and the management of Krupp announced that Iran would acquire a fourth of Hüttenwerke's shares-at an estimated cost of $100 million...
Ideal Marriage. The Krupp acquisition reflects Iran's ambitious industrialization plans. Hardly a week goes by without new commitments to mutual ventures or economic assistance to less developed countries, and one estimate is that the program already has resulted in outlays of some $9 billion. Iran and Krupp plan to set up a joint investment bank in Switzerland to finance projects outside West Germany. The steel-company acquisition is viewed by both Iranians and Krupp executives as an ideal marriage: Iran needs Krupp's technical know-how, and Krupp needs the infusion of capital from Iran. Last year...