Word: selz
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Dates: during 1990-1999
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...cash and expertise of foreign bankers and takeover experts who are buying, at deep discount, chunks of the country's financial and industrial base. "What has really happened this decade is the true inability of the Japanese to manage in a difficult situation," says ING Baring Furman Selz managing director Maryann Keller, who has studied Japanese industry for 30 years. Once unthinkable, the idea that foreigners might "save" Japanese companies is becoming commonplace. Witness Merrill Lynch and its absorption of Yamaichi Securities, or General Electric Capital Corp. and its $6.5 billion takeover of one of Japan's biggest leasing companies...
...Three's abrupt acceleration has caught Japanese carmakers off guard. "The Japanese never expected that Detroit would get better," contends Maryann Keller, an industry analyst with the firm Furman Selz in New York City. But with the yen now trading around a robust 105 to the U.S. dollar, Japan has been forced to price its cars out of the reach of many American shoppers. "At the yen level we are facing right now, it is difficult for some of our Japanese-made models to be competitive in the U.S.," a Toyota executive says. Some Western observers suspect they are witnessing...
...problem is simple: with 58 American and foreign-owned plants producing a bewildering array of some 350 models, the U.S. market has become saturated with automotive offerings. "The U.S. is not a very profitable place to try to sell cars anymore," says Maryann Keller, vice president of Furman Selz, a Manhattan-based brokerage. In this case, what's miserable for manufacturers is marvelous for consumers. "If you have any money, it's a great time to buy a car," says Thomas O'Grady, president of Integrated Automotive Resources, which tracks industry trends. "In many cases...
...Saturn's biggest challenges will be to turn a profit, even in the long run. "Nobody makes money on small cars," says Maryann Keller, an analyst for the investment firm Furman Selz Mager Dietz & Birney. "Saturn's no different from anybody else. The Japanese certainly don't make money on small cars." In most cases, those models serve as loss leaders for the larger, more option-loaded vehicles and to boost the average fuel-efficiency of an automaker's total fleet in order to meet U.S. government standards. But GM president Lloyd Reuss contends that Saturn will make a profit...