GA Trade Mar-Apr interactive - page 4

Munich Re Opens New
Regional Office in Minnesota
Munich Re Group opened an
approximately 5,000-square-foot
regional office in Minnetonka at the
end of January, with the aim of
providing services that mitigate
health care insurance risk for its
clients. The Munich, Germany-based
company provides reinsurance – or
insurance purchased by one insur-
ance company from another – and
consists of three business segments:
reinsurance and managed care
divisions (both of which operate
under the Princeton, New Jersey-
based Munich Health North America
moniker) and a stop loss division.
The company said that its new
Minnetonka office will allow it to
tap local insurance talent to assist
its customers.
German Grammer to Build
$30 Million Manufacturing
Facility in Mississippi
Grammer Inc. is building a $30 million
manufacturing facility and relocating
its U.S. headquarters to Shannon, MS,
a project that is expected to add a total
of 650 new jobs to the area. Grammer
supplies automotive interiors and
seating systems for commercial
vehicles, including off-road vehicles
like tractors, construction machinery
and forklifts; trucks, buses and trains.
The company is the U.S. subsidiary of
Amberg, Germany-based Grammer
AG. Grammer Inc. is currently based in
Wisconsin, and has had a U.S.
presence for 35 years. The company
expects the facility to be operational
by the end of the year, but the entire
project is expected to take five years to
complete.
German Consumer Morale
Hits Highest in More than Six
Years
German consumer morale unexpect-
edly rose to its highest level since
August 2007 going into February, as
shoppers became more upbeat about
the outlook for Europe's largest
economy and low interest rates
encouraged them to spend rather
than save. GfK market research group
said that its forward-looking con-
sumer sentiment indicator, based on a
survey of around 2,000 people, rose
by 0.5 points to 8.2 points going into
February. "It was already evident at
the start of the year that consumption
would again be making a major
contribution to overall economic
growth in 2014," GfK analyst Rolf
Buerkl said in a statement. Private
consumption in Germany grew by 0.9
percent in 2013, more than twice as
fast as gross domestic product growth
of 0.4 percent.
Daimler CEO Says Building
New U.S. Factory 'an Option'
Daimler Chief Executive Dieter
Zetsche said the Germany-based auto
maker may build another factory in
North America as a way to ramp up
global production capacity. "We are
starting work on our next generation
of compact cars, and as part of that
discussion there is a discussion about
additional plant capacity," Zetsche
said. "An additional plant in North
America is one scenario."
German-based MAE Acquires
Eitel Presses Inc. and Forms
U.S. Subsidiary
MAE of Erkrath, Germany, the world
market leader in automatic straight-
ening machines and wheel set
presses, has acquired Eitel Presses
Inc. of Orwigsburg, Pennsylvania and
has formed a new U.S. subsidiary
named MAE-Eitel Inc. Eitel Presses
has been the North American market
leader since 1973 with over 2,000
machines installed and sales of $14
million in 2013 in the automotive,
aerospace, energy, agricultural and
construction industries.
U.S. Company KKR Buys
Stake in German Soccer Club
Kohlberg Kravis Roberts & Company,
a private equity giant with its hands
in a range of businesses, from
natural gas to maritime finance, has
bought into a new sector: German
soccer. KKR has agreed to buy a 9.7
percent stake in Hertha BSC, a soccer
club in Berlin. The deal, worth 61.2
million euros ($82.6 million), will
allow a club that had experienced
years of financial challenges to
reduce its debt and buy back
licensing and catering rights.
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