Business Abroad: Borgward Steps Down

Carl Borgward is a builder of genius, a clumsy manager of a large enterprise, a dilettante in financial matters, and a lovable human being.

Thus Hamburg's Die Welt, in an atypically Teutonic blend of business judgment and sentiment, last week summed up the exit of the grand old gadgeteer of the West German auto industry. With his Borgward auto complex some $48 million in debt, 70-year-old Carl Friedrich Wilhelm Borgward agreed to give up his positions as president, sole owner, chief engineer and designer of the firm he founded 33 years ago and...

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