Germany: Krupp Without Teeth

For half a century, West Germany's Demag Corp. has hustled the world over, selling steel mills and mining machines, bridges and boilers, cranes and canal diggers. In the process, Demag has grown into Europe's biggest manufacturer of heavy machinery. Last year Demag's sales in 97 countries totaled $250 million, and one-third of the world's rolled steel is now churned out by Demag-made mills. In ironic tribute to the company's size—and the fact that it has never made weapons—Germans call it "Krupp without teeth."

Chiefly responsible for Demag's growth has been bald, bespectacled Hans Reuter, 67. whose father launched the firm...

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