Fastener Shanghai
Official WeChat
fastenerfastenerBuyers' Guidefastener
fastenerStandard Searchfastener
fastenerFor Buyersfastener
fastenerFor Suppliersfastener
fastenerTrade Showsfastener
fastenerMy Officefastener
fastenerPost Inquiriesfastener
Home->Fastener News->Germany's Billionaire 'Screw King' Tig...You are the 647927 visitors
Views:1821   |   recommendation:   |   Votes:0   |   Discuss:0
Germany's Billionaire 'Screw King' Tightens the Screws on the U.S.: No More Investment Until Trump Goes

One of the world’s biggest suppliers of assembly and fastening materials, Germany’s Würth Group, will not invest any more in the United States while President Donald Trump is in power, the patriarch of the Würth family has said.

Reinhold Würth, popularly known in Germany as the “Screw King,” told the Sunday newspaper Bild am Sonntag that he had “made sure we are no longer investing in the U.S. at the moment.”

“We make 14% of our annual sales there—€1.8 billion [$2.1 billion]—but I do not want to increase our engagement in America any further,” he said, explaining how he still made his presence felt at the privately-held company at the age of 83.

Würth said his reticence about further investment was based on the “general, uncertain political situation” in the U.S. “I said, we’ll wait and see if President Trump is re-elected in four years,” he told the paper. “Würth returns when he goes.”

The billionaire’s comments came just after President Trump imposed hefty tariffs on steel and aluminum imports from the EU, Canada and Mexico. According to U.S. figures, Germany is the source of 4% of American steel imports. Just over 2% of U.S. aluminum imports come from Germany.

Trump is also pushing for 25% tariffs on car imports, and seems particularly angry about German luxury cars having a place on American roads. Germany is Europe’s biggest exporter of automobiles to the U.S.

Last November, the group bought Weinstock Bros, a venerable New York maker of supplies for the construction industry—the fifth transaction in three years for Würth Industry North America. A Würth spokesperson told Fortune that no additional acquisitions are currently planned in the U.S.

Source: Fourtune

2018/6/8 16:55:00

Previous:    Report: Hardware Suppliers Prioritize Speed, But Struggle To Achieve It
        Next:    Dongguan STL: Practice Brand Concept By Setting up Fatigue Test Center

Recent Related News
Bossard results impacted by weaker demand in Q2--2019-07-18
Fastenal's Lower-Than-Expected H1 Revenues as the Negative Outcome of Tariff Battle--2019-07-18
Trump slaps 400% tariff on Vietnamese steel--2019-07-05
Vietnam Says Some Chinese Exporters Are Using Fake ‘Made-In-Vietnam’ Labels To Avoid US Tariffs--2019-06-21
U.S. Companies' Message to Trump: Don't Expand China Tariffs--2019-06-18
Over 600 U.S. firms urge Trump to solve China trade dispute--2019-06-14
How Trump Tariffs on China and Mexico Could Hurt U.S. Economy--2019-06-10
Dongtai Huawei Launches Aluminum Double Hex Head Bolts and Stainless Steel Pre-Embedded Sleeve Bolts--2019-06-06
Würth builds innovation centre--2019-05-31
Trump’s tariff threat to Mexico may upend trade deal, undermine the economy--2019-05-31
U.S. agrees to lift metal tariffs on Canada, Mexico--2019-05-21
US raises tariffs on $200bn of Chinese goods, incl. fasteners--2019-05-10

Vote for this news?

fastener(Very Good)
fastener(Very Bad)

More Discuss...
Your Name: Anonymous

Enter the code shown:fastener4fastener

Fastener Trade Show Suzhou

China Fastener Directory
Get it FREE!
Get your CFD at the following shows:

•Vietnam Manufacturing Expo, Aug 14-16, 2019, Hanoi, Vietnam

•International Fastener Expo, Sep 17-19, 2019, Las Vegas, USA

•wire & Tube Southeast Asia, Sep 18-20, 2019, Bangkok, Thailand

Show Room

Offer Product

Latest News
• China sees no major manufacturing exit: top economic planner

• China to take targeted measures to implement production halts on industrial firms

Buyers' Guide
Company News

• Developments and Future Plans for Shanghai Minmetals – Fasteners

• Dongtai Huawei to Exhibit at Vietnam International Exhibition on Hardware & Hand Tools 2018

The Way to Enter Chinese Market
The Way to Enter Chinese Market