Word: rheinstahl
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...into the plant himself and spent two decades working his way up through the ranks to the top job (with time out to serve as a Wehrmacht lieutenant on the Russian front). Shortly after becoming head of sales for Ford of Germany, he left to take over the tottering Rheinstahl Steel Company, and by designing and executing a major reorganization, made it so profitable that it was bought by the German conglomerate August Thyssen-Hütte. He was enticed to Volkswagen by the challenge. Recalls Schmücker: "It was more than just Volkswagen at stake. I felt that...
Last week, nearly a full month after the board accepted Leiding's resignation, it finally agreed on a successor. He is Toni Schmücker, 53, an outsider who was until recently president of Rheinstahl AG, a large steel company. But Schmücker is no stranger to the auto business: he spent 30 years with Ford of Germany, rising to director of sales. Yet his reputation as a corporate reorganizer dates from 1968, when he jumped from Ford to Rheinstahl, a once profitable firm that had been driven into the red by severe cost problems. Schmücker...
...even, in one case, a banker considered sympathetic to labor) have been notably cooperative, and probably deserve some of the credit for having kept the German economic boom remarkably free of strikes. The ten labor directors of steelmaking August Thyssen-Hütte approved a takeover of troubled competitor Rheinstahl, which is still awaiting Common Market clearance, knowing that it would mean the elimination of some duplicate jobs. Says Thyssen Director Karl-Heinz Weihs, who worked as a roll-turner for eleven years: "If we hurt the profitability of the company, we are also jeopardizing the security of our workers...
...been more successful in setting up triangular trade agreements. A Polish contractor is building a Krupp-designed cement factory in Yugoslavia, and shipyards in Bulgaria are making fishing vessels for Ethiopia under subcontracts from Krupp; the company has offered similar triangular deals to the U.S.S.R. Essen's Rheinstahl has agreed to supply Hungary with steel and to engage later in joint manufacture of machine tools, radiators, boilers and pumps that will be marketed in third countries. The Soviet Union has shown little enthusiasm for triangular arrangements, but it is clearly interested in the Depolma idea, is sending a group...
...Rheinstahl sells steel to Henschel, whose production of heavy trucks complements Rheinstahl's lighter line. Most important, Henschel is at a crossroads where it needs both larger injections of cash and a new guiding light to replace the ailing Goergen. Fritz-Aurel Goergen would be delighted to sell out to Rheinstahl, and in fact began merger talks with Rheinstahl Boss Werner Sohngen more than a year ago, but he owns only 53.9% of the stock. Most of the rest is in the hands of such U.S. investors as Morgan Guaranty Trust, Wall Street's Burnham & Co. and Financier...