Word: volvo
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...have been developing few new jobs, and unemployment in Western Europe has gone from about 3% to 11% since 1970. In roughly the past decade the number of jobs in the European Community has risen only .5%, in contrast to 15% in the U.S. Says Pehr Gyllenhammar, president of Volvo, the Swedish car manufacturer: "Europe has grave problems-no growth, more people without jobs, little investment and sluggish productivity. Europe is not creating new resources, but is declining under the pressure of increased competition. When things are dying, we do not let them die any more. Companies...
Kain, who was attending the Volvo Masters tournament, said Borg has not completely ruled out returning to the court in 1984 or later...
...deals were engineered by Volvo's patrician chief executive, Pehr Gyllenhammar, 47. He belongs to Henry Kissinger's blue-chip international consulting group and wears a steel-banded watch on each wrist, one set for Goteborg time, the other for New York. Says he: "The diversification is not an escape from automobiles, but we believe that the industry is so strangled at the moment that it leaves no room for us to maneuver...
...past, introduction of a new-from-the-wheels-up model like the 760 would have meant a major financial commitment by Volvo. But following an ambitious diversification program that was begun six years ago, automobiles now account for only 35% of sales. The crown jewel was last year's acquisition of Beijerinvest, a large energy trading company, for $305 million. With the acquisition came 31 oil-drilling sites in the North Sea. In August, Volvo expanded its oil holdings by buying 50% of Hamilton Brothers Petroleum Corp., a private U.S. firm that also explores for offshore crude. Despite weakening...
...Volvo intends to control its sales growth in the U.S. by limiting the number of cars it exports. Says Gyllenhammar: "If we try to react too quickly to styles and trends, we lose our honesty. We have stayed away from putting green fur covers on the seats because someone says he might like green fur seats." If volume continues to increase, however, one option is to open the U.S. assembly plant that Volvo built in Chesapeake, Va., but decided in 1974 not to operate. Whether an American-made Volvo would diminish the Swedish mystique, only those loyal and affluent buyers...