Word: telefunkens
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...Telefunken's sudden collapse jolts West Germany...
...Telefunken was the very symbol of the postwar West German Wirtschaftswunder. When the giant company began to rebuild in the late 1940s, it found that the destruction of battle and the loss of property in East Germany had wiped out more than 90% of its factories. But a combination of hard work and a buoyant economy helped AEG-Telefunken to restore itself and become the second largest electronics manufacturer in West Germany after Siemens. In 1981, it employed 120,000 workers worldwide and had sales of $6.6 billion...
Thus it was a jolt last week when AEG-Telefunken declared that it was insolvent and could not pay its bills. The unpaid debts amounted to $3.5 billion. In addition to being the largest corporate casualty in West Germany since 1945, the collapse of AEG-Telefunken symbolized the problems now facing the country that first gave birth to economic miracles. As the Frankfurter Allgemeine Zeitung candidly observed in a front-page obituary for the company: "This marks the end of all illusions...
...construction of either two small pipelines or one single line of high-tensile steel pipe perhaps 5 ft. in diameter. Some 40 large compressors will be required to pump the gas from the wellheads to a terminal in Waidhaus, West Germany. Says Heinz Durr, chairman of AEG-Telefunken, the big West German firm that may supply the compressors: "Even the American experience with the Alaskan pipeline, which is only one-quarter as long, is nothing compared with what we face here...
...Europe's most fashionable ski resorts. Yet every year top executives trek off to Davos for the European Management Forum, perhaps the world's most high-powered business convention. Last week 450 Europeans, including Heinz Duerr, president of the West German electrical firm AEG-Telefunken, Corp.; Gordon Stevens, a director of Unilever Ltd.; and John Raisman, Deputy Chairman of Shell U.K., Ltd., gathered in Davos to listen to lectures, talk business and do some skiing...