Word: mannesmann
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...firms of Mannesmann and Thyssen will deliver 1,200,000 tons of 56-inch steel pipe, designed to withstand extreme cold, to Russia. The Soviets need it for pipelines to open the natural gas reserves of Siberia, the world's richest. In return, the Soviets will send to West Germany 52 billion cubic meters of gas over 20 years, starting in 1973. To enable the Soviets to pay for the pipe before they deliver the gas, a consortium of 17 West German banks will lend them $328 million at 6.25% interest-practically foreign-aid terms. A West German firm...
...investors holding $37 million in unredeemed notes. By now schooled in scandal, Brazilian investors have pulled out of the parallel market in great numbers, resumed investing heavily in stocks. The Big Bust. The biggest scandal of the parallel market involved the Brazilian subsidiary of Germany's huge Mannesmann steel company, which two months ago, to the shock of stockholders, repudiated more than $14 million worth of outstanding notes, claiming that two former directors had issued them without authorization. An gry investors took the company to court, and a legal bankruptcy action is under way. The government has placed responsibility...
...scale, exhibitions can be very expensive; German companies allot $375 million yearly to fairs, or about half as much as they spend on all advertising. Such smaller companies as porcelain makers or optical works may hope to recoup their outlay in sales or business contacts. But for Krupp, Henschel, Mannesmann and other heavy machinery giants, which occupy 60% of the space at the Hanover Fair, the return is measured largely in good will. The really interested customer keeps up with their products anyway, and visits the plants to inspect them; he rarely buys anything big at such fairs. A Mannesmann...
...howl went up in West Germany, Russia's No. 1 oil-pipe supplier (633,000 tons from 1959 through last October). Just three and a half months ago, three giant Ruhr firms-Mannesmann, Phoenix-Rheinrohr AG, and Hoesch-signed a contract for another 200,000 tons. Ruhr steelmen denounced Chancellor Konrad Adenauer as a NATO stooge for trying to enforce the new rules. Taken aback, Adenauer's Cabinet last week agreed to reconsider, turned the problem over to a special subcommittee for special study...
...administration in 1952, Overbeck stayed on with the company, began to leapfrog up the executive ladder. His big break came in 1956 when he was named chief financial and administrative officer of one of Metallgesell-schaft's major subsidiaries. He was lured away from that post by rival Mannesmann, West Germany's second largest steelmaker (after Krupp), which was searching for a bright young man to preside over its drive for diversification. Scheduled to take over as chief executive of Mannesmann Oct. 1, genial Herr Doktor Overbeck is currently studying the company's operations under the tutelage...