Word: saab
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...week as he headed from home on one side of the city toward his office on the other at La Prensa, the country's largest newspaper (circ. 30,000). Because he was driving so slowly, Chamorro was unable to escape when another car that had been following his Saab suddenly drew abreast. Shotguns were poked from the window of the car, and a series of blasts struck Chamorro. His car went out of control, jumped a curb and struck a lamppost. Rushed to a hospital by medics who first assumed he had been in an auto accident, Central America...
Volkswagen late last week suddenly gained a potent new rival. In a surprise move, Sweden's two automakers-Volvo and Saab-Scania-announced their decision to unite in a new company, to be called Volvo-Saab-Scania. By any measure, the triple-hyphenated outfit will be a giant: with sales of $5.8 billion, it will rank as Europe's fourth largest automaker (after Daimler-Benz, Renault and Volkswagen), turn out a line of vehicles ranging from compacts to huge Scania rigs, and employ nearly 104,000 workers...
...rocketing wage costs (up 40% in two years to $6.33 per hour) and excessive absenteeism rates (as high as 20% on any given day), Sweden's cars are being priced out of the world market. The merger will strengthen the Swedish auto industry by combining Volvo and Saab sales forces, distribution setups and parts supplies abroad. It will also enable Saab and Volvo to bring out a hew line of models, presumably based on a synthesis of Saab's sporty front-wheel drive design and Volvo's vaunted safety features...
...larger company (1976 sales: $3.6 billion), Volvo will be the main partner, with 66% of the voting shares. Volvo's dynamic Pehr Gyllenhammar will be president, and Saab-Scania's Curt Mileikowsky will be executive vice chairman. Saabs aircraft division, which makes the Viggen jetfighter, will be part of the new company...
...marriage broker was Swedish Banker Marcus Wallenberg, whose powerful family holdings include control of Saab-Scania. Said Wallenberg of the merger: "It's good for the workers, good for the companies and good for the country." Just about everyone seemed to agree. Since no jobs will be lost, even Sweden's sometimes contentious unions expressed no opposition...