Word: wallenbergs
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Dates: during 1960-1969
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...Wallenbergs either control outright-or persuasively advise-no fewer than 50 Swedish companies, or more than half of Sweden's industry. Directly under Wallenberg management are most of Sweden's international companies, including plane-and automaking SAAB, the $275 million telephone equipment manufacturer L. M. Ericsson, the $500 million ballbearing producer SKF, and Stora Kopparberg, a diversified mining and mineral complex (TIME, March 15). The family also guides Stockholm's largest department store and the company that runs the city's three most luxurious restaurants. In no other industrialized nation in the world does one family...
Sweden for Swedes. The Wallenberg who started it all was André, who visited the U.S. and Scotland as a young naval lieutenant, became fascinated by banking and founded Stockholm's first commercial bank in 1856. His Enskilda Bank became the chief funnel through which foreign capital entered Sweden, and André and the succeeding Wallenbergs directed the flow of foreign funds to finance Swedish industrialization...
...Wallenberg empire is run today by the most successful brother...
European finance. Jacob, 70, a reticent bachelor, stays in Stockholm to mind the home office, while robust and gregarious Marcus, 63, jets around the world to check on Wallenberg projects and find new investment opportunities. Though they hold the chairmanship of 27 companies, the brothers prefer to own no more than 5% or 10% of any company. They really do not need more, for most Swedish companies are only too ready to submit to Wallenberg management; they know that it means expert guidance and money for expansion. Says Marcus coolly: "It so happens that the companies we have been concerned...
Shrewd Banker Wallenberg, however, has restricted himself to overseeing Ericsson's finances. To handle company operations, he brought in as president Sven Ture Aberg, 58, an imperturbable electrical engineer who negotiates with uncommon skill in five languages (Swedish, English, Spanish, French and German...