In Memoriam Victor Kunstely

Victor Kunstely, who had been a member of the US/Austrian Chamber of Commerce since 1983, passed away on January 2, 2001. He was Executive Vice President of Semperit of America and became a business consultant after leaving Semperit. The Chamber lost a good friend and loyal member and we extend our sympathy to his widow and his family. 

Vatech To Become Number 3 In The High Voltage Power Transmission And Distribution (T&D) Through Joint Venture

On January 1,2001VA Technology AG (VA TECH) and Schneider Electric S.A., France entered into a strategic worldwide alliance to become an even stronger global player in the T&D business. VATECH Transmission and Distribution will hold 60% and Schneider Electric S.A. will hold 40% of this high voltage joint venture named VA TECH Schneider High Voltage (VAS). The company will be headquartered in Vienna and will be managed by Klaus Brenner, Klaus Rinnerberger and Jean-Claude Leblond. Georg Antesberger, a Member of the VA TECH Board, announced that VAS is now  # 3 in the global high voltage sector.  In the U.S. the new joint venture VAS will be represented by VATECH ELIN Corp., Canonsburg, PA. with  Walter Paminger as CEO. 

T&D is one of the VA TECH group’s fastest growing business divisions. The 5 divisions are: Transmission, T&D Services, Transformers, Automation, Control & Protection and Transformer Components.  

Note:  As a result of VATECH ELIN’s move to Pennsylvania, the US/ACC benefited from a generous donation of much needed office equipment and furniture.  The drawback is that all of it had to be moved from VATECH’s NY offices just as the newsletter was undergoing its final revisions, therefore it comes to you a few days late.   

Austrian Tourist Office

The Austrian Tourist Office is planning to promote tourist destinations in cooperation with Brand names of Austrian companies like Swarovski, Brau Union, Casinos Austria and others. 

ATS 8 Billion Surplus For Bank Austria

The Bank Austria Group, which since last year belongs to the Bavarian Hypovereinsbank (HVB), has increased its 2000 annual surplus after taxes to more than 8 billion. In 1999, the annual surplus was roughly ATS 7 billion. 

Erste Bank Buys Slovak Bank

The Erste Bank Österreich bought 87.18% of the shares of the biggest Slovak bank Slovenska Sporitelna for 5.86 billion Austrian

Schilling. At present the Slovak bank employs 7000 people and serves one third of the Slovak market with 1.8 million customers. 

Austrian Airlines

In January 2001 Austrian Airlines banned beef from all flights except from those originating in the U.S., on which American beef is served. Austrian Airlines was reacting to heightened fears of mad-cow disease (bovine spongiform encephalopathy or BSE), the brain infection that kills cattle and some humans who eat infected beef. It should be noted that at the time of publication of this newsletter no case of infection of an Austrian cow has been detected. Austria is one among only three European Union countries that have to date been free of mad cow disease. 

The Coca Cola Company

Coca Cola has made a contribution of  $ 30,000.00 for the victims of the ski-train accident in Kaprun in the fall of 2000. This gesture was extremely well received by the affected people in the disaster area as well as by Salzburg State officials. The donation was initiated by Clyde Tuggle, V.P. of the Coca Cola Company, and responsible for Coca Cola Austria until 1999. 

As part of its continued efforts to strengthen its beverage business, Coca Cola announced a series of management changes, including the resignation of Jack Stahl, president and chief operating officer. The changes will create four business units: The Americas, Asia, Europe/Africa and New Business Ventures. The head of each unit will report directly to the chairman and chief executive, Douglas Daft. The positions of chief operating officer and president will be eliminated. Steven J. Heyer, currently president and chief operating officer of the Turner Broadcasting System unit of AOL Time Warner, will run the company’s newly created business ventures unit.    

Tenth Record Year For Semperit AG Holding

The industrial group of Semperit AG Holding (high quality rubber products such as special purpose-gloves, molded products, conveyor belts and high pressure hose pipes) has continued its traditional record performance in 2000.The firm’s ordinary business result increased nearly 12% to a new record high of ATS 508 million. Profits increased ten years in a row. The company will pay a 30% dividend.  Its sales went up 13% from ATS 4.5 billion to 5.1 billion.  The company has now reached 92 % foreign share after stepping up international production capacities and purchasing firms in Poland and India.

Walter, Conston, Alexander & Green Merger With Alston & Bird Creates A Legal Powerhouse

Effective January 1, 2001, the law firm Walter, Conston, Alexander  & Green merged with the Atlanta firm Alston &Bird, creating  a legal powerhouse. Alston & Bird is a 500-lawyer firm headquartered in Atlanta, Georgia with offices in Charlotte, Raleigh, North Carolina, Washington, DC, and now in New York as well.  Please find details on our web site under company announcements.

Swissair

In the future SAirGroup will focus its energy on its airlines Swissair, Crossair and Sabena, and on related services like catering and maintenance. Swissair still holds a stake of 10% in Austrian Airlines and intends to sell its share when the stock prices are favorable.

Giesswein Fashion Show A Huge Success

On February 8, 2001 the Austrian fashion house Giesswein presented its fall 2001 collection in New York. The turnout was great, especially at a time when numerous competitors were asking for the trade’s attention during New York Fashion Week.

European Wine Council With Austrian Participation

Under the guidance of the Austrian Trade Commission several importers of Austrian wines participated in a presentation  organized by the European Wine Council at the New York Marriott Marquis Hotel on February 27, 2001. Among the other members of the European Wine Council presenting their wines were companies from Cyprus, France, Germany, Greece, Italy, Portugal and Spain.

Tax Effects Aid Dresdner Bank Net Profit

The net profit of Germany’s third-largest bank rose 60% to $1,5 billion in 2000 on the back of favorable tax effects. The positive tax effect was related to deferred taxes after Germany’s tax reform in 2001, which reduced corporate taxes from 40% to 25%.

HERZERL Tours Presents A Taste of Vienna

To see previous Member News, Click here

If you have an interesting article which concerns the members of the USACC and would like to request its posting in our Member News area, please send your request to info@USATchamber.com.