Word: scania
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Dates: during 1970-1979
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...seem not to be put together so well. The energetic and outspoken Gyllenhammar has been searching for ways to boost sales, but his efforts have resulted so far in little more than wheel spinning. Plans to build an assembly plant in the U.S. and to merge with archcompetitor Saab-Scania have both had to be given up for one reason or another. Last week Gyllenhammar got his biggest setback yet; opposition by Volvo shareholders forced him to scrap a plan to sell 40% of the company to the Norwegian government and a group of private investors in return...
...meantime, a second delegation of Chinese military men was ending a twelve-day tour of Sweden's defense facilities. There they had looked at, among other things, Swedish-built submarines and the Saab-Scania supersonic Viggen fighter jet. This week the delegation heads southward to see what Italian manufacturers offer in the way of land, air and sea weaponry. A similar delegation of Chinese experts visited France last autumn to inspect materiel there...
Volvo chief sought a merger with his smaller but more profitable Swedish rival, Saab-Scania. The engagement was announced, but Saab-Scania became worried about Volvo's decline and broke it off. After Falldin's government refused to help, Gyllenhammar secretly turned to Norwegian Premier Odvar Nordli...
...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...