Re: FOKKER BANKRUPTCY?

From:         sandee@Think.COM (Daan Sandee)
Date:         23 Jan 1996 21:38:51 -0800
Organization: TMC
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In article <4e2uog$cmc@bone.think.com>, sandee@Think.COM (Daan Sandee) writes:
|> 
|> Fokker last year made a loss of $600M on a production of $1.5B.  They have
|> plenty of orders, but they have been selling below cost.  DASA, who is
|> the majority owner, has been making up the losses, which contributed to
|> DASA's own deficit of $4B over 1995.

There is an article in today's New York Times (page D-1).  One correction
to the above : the $4B loss over 1995 is that of Daimler-Benz, not of
DASA, their aerospace division.  Otherwise, my numbers were reasonably
accurate.  The NYT does not confirm, however, what I heard from Dutch
news : that after not getting support from the Dutch govt, Daimler's board
officially pulled the plug on Fokker.

|> On Jan 22nd, DASA went to the Dutch Govt and asked for a one-time subsidy
|> of $1.5B.  The Dutch Govt, having already spent billions on Fokker in
|> recent years, refused.  Thereupon DASA stopped the support for Fokker,
|> and the company is going to be closed down (I understand the decision is
|> final on all sides).  Fokker has been building airplanes since 1911 or
|> thereabouts and has 7,000 employees left (there have been plenty of layoffs
|> already lately).
|> 
|> This from Dutch news.  Please excuse any errors I may have made in currency
|> conversions.

Daan Sandee                                           sandee@think.com
Burlington, MA