Word: schlieker
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Dates: during 1960-1969
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...West Germany's economy has given off some static recently with the ominous crash of several industrial giants, including Automaker Carl Borgward and Shipbuilder Willy Schlieker. Last week another big one swayed perilously close to collapse...
...industrial complex of his own, calling one of his two holding firms "Hugo Stinnes Personally Inc." to show his independence to the world. But Hugo depended too much on the memory of his father, and drove himself relentlessly to match old Hugo's accomplishment. Like Borgward and Schlieker, he expanded too fast just for the sake of expansion, building on too narrow a capital base and not watching his profits closely enough...
...German electrical equipment maker Siemens & Halske borrowed $25 million, and the European Coal and Steel Community took another $25 million. Most of them would have been hard-pressed to raise as much at home. Britain has a long line of municipalities waiting for capital, and West German Shipbuilder Willy Schlieker went broke last year after overextending himself with short-term credits because long-term loans were so hard...
...using so much of their past earnings for current expansion, many German firms have also left themselves with dangerously small capital reserves. Undercapitalization caused the-recent downfall of Shipbuilding Tycoon Willy Schlieker. Heinz Nordhoff, the boss of mighty Volkswagen, thinks his company's reserves of less than $150 million are too small for a company with annual sales of more than $1.3 billion. To carry out adequate expansion and modernization programs, German industry as a whole needs an estimated $7.5 billion that it does not have...
While Oetker's headlong growth is similar to that of the now bankrupt shipbuilder Willy Schlieker (TIME, Aug. 24), Oetker fully expects to avoid Schlieker's errors ("He just lost his nerve''), operates on the principle that "you should have 10% more money available than you think you'll need." He also has a special Oetker recipe for handling financiers. "These bankers are a peculiar group," he explains. "They come over for a surprise visit, hem and haw awhile, take a good look to see if all the pictures are still hanging on the walls...