User:UFEtheinia/Sandbox: Difference between revisions
UFEtheinia (talk | contribs) |
UFEtheinia (talk | contribs) No edit summary |
||
| Line 8: | Line 8: | ||
| fate = Liquidated after bankruptcy | | fate = Liquidated after bankruptcy | ||
| former_name = Etheinian Manufacturing Industries | | former_name = Etheinian Manufacturing Industries | ||
| founded = {{Start date and age| | | founded = {{Start date and age|1971|02|21}} | ||
| founder = | | founder = | ||
| defunct = {{End date| | | defunct = {{End date|2012|09|05}} | ||
| hq_location_city = | | hq_location_city = | ||
| hq_location_country = | | hq_location_country = | ||
| Line 23: | Line 23: | ||
}} | }} | ||
'''Etheinian Manufacturing''' (EM) was a major Etheinian manufacturing conglomerate that produced industrial machinery, automobiles, aircraft, weapons systems, commercial & consumer electronics, appliances, and optical devices. It was also involved in metal refining and semiconductor production. The company was originally founded in | '''Etheinian Manufacturing''' (EM) was a major Etheinian manufacturing conglomerate that produced industrial machinery, automobiles, aircraft, weapons systems, commercial & consumer electronics, appliances, and optical devices. It was also involved in metal refining and semiconductor production. The company was originally founded in 1971 as '''Etheinian Manufacturing Industries''' (EMI), a state-owned enterprise formed out of the nationalization of several private businesses. It grew steadily over the next two decades to become the second-largest industrial company in the [[United Federation of Etheinia]], and the country's third-largest overall employer. | ||
Despite its size (or perhaps because of it), by the mid-90s EMI was operating at a consistent loss in terms of net annual revenue, relying on government subsidies to keep itself afloat. It became a key target for restructuring under President [[Alejo Ibáñez]]'s economic reforms, with the goal of making the company more efficient & profitable. Under the direction of chairman Keir Aitken, EMI was privatized in 1997 to form a public limited company. Although profits briefly rebounded during the 2000s, increased competition in the marketplace combinded with a heavy debt load led the company to declare bankruptcy in 2009. Etheinian Manufacturing was eventually liquidated in | Despite its size (or perhaps because of it), by the mid-90s EMI was operating at a consistent loss in terms of net annual revenue, relying on government subsidies to keep itself afloat. It became a key target for restructuring under President [[Alejo Ibáñez]]'s economic reforms, with the goal of making the company more efficient & profitable. Under the direction of chairman Keir Aitken, EMI was privatized in 1997 to form a public limited company. Although profits briefly rebounded during the 2000s, increased competition in the marketplace combinded with a heavy debt load led the company to declare bankruptcy in 2009. Etheinian Manufacturing was eventually liquidated in 2012, with most of its former operations being split up and acquired by other companies. | ||
==History== | ==History== | ||
| Line 31: | Line 31: | ||
===Formation=== | ===Formation=== | ||
[[File:EMIOldLogo.jpg|100px|thumb|right|EMI's old logo, used from 1972 to 2000]] | [[File:EMIOldLogo.jpg|100px|thumb|right|EMI's old logo, used from 1972 to 2000]] | ||
Etheinian Manufacturing Industries was one of 14 state-owned companies created by the [[ | Etheinian Manufacturing Industries was one of 14 state-owned companies created by the [[1971 National Enterprise Organization Act]], which replaced the informal state management scheme that had been implemented during the [[Etheinian unification process]]. Under the 1971 Act, smaller businesses were nationalized and integrated into a single large company based on economic sector. EMI was formed to produce industrial & electrical equipment, trains, and automotive parts, as well as tanks and artillery for the military. The company was formally incorporated on February 21st, 1971. | ||
===Expansion=== | ===Expansion=== | ||
In 1976, as the Etheinian government was slashing the budget for rail transport in favor of road infrastructure, EMI requested to close its unprofitable passenger train division and expand its automotive parts division to produce actual automobiles. This request was approved, and by 1977 the first EMI-built cars were rolling off the assembly line. Also in 1977, the company purchased a small airplane factory in [[Kiraz]], which would eventually become the central production hub for its aerospace division. | In 1976, as the Etheinian government was slashing the budget for rail transport in favor of road infrastructure, EMI requested to close its unprofitable passenger train division and expand its automotive parts division to produce actual automobiles. This request was approved, and by 1977 the first EMI-built cars were rolling off the assembly line. Also in 1977, the company purchased a small airplane factory in [[Kiraz]], which would eventually become the central production hub for its aerospace division. | ||
EMI's expansion increased greatly under the leadership of chairman Liam Haugseth, who was appointed in 1981 and remained in power for 13 years. Haugseth, who had a close friendship with President [[Andrés Sandalio Gérard]], held | EMI's expansion increased greatly under the leadership of chairman Liam Haugseth, who was appointed in 1981 and remained in power for 13 years. Haugseth, who had a close friendship with President [[Andrés Sandalio Gérard]], held significant influence over Etheinian industrial policy at the time. He was a major proponent of "sectorization", a process in which state-owned companies were allowed to expand outside of their original legally-defined scope in order to diversify their operations. Chairman Haugseth took advantage of the new sectorization laws he helped pass, as well as generous defense spending and the increased availability of foreign capital, to grow EMI into a massive industrial conglomerate. | ||
One of the biggest areas of growth was in electronics and computing, which Haugseth saw as the way of the future. EMI invested heavily into electronics manufacturing as well as R&D over the next decade, quickly becoming the largest technology company in the nation. To keep costs down, it also pursued vertical integration by building its own semiconductor refining facilities, which allowed EMI to sell its products at a price affordable to the average Etheinian. Aerospace was another area of success; in 1985, EMI scored a 10-year government contract to produce military aircraft, which would eventually prove to be one of the most lucrative deals in the company's history. The profits from this contract were used to further expand the company's aircraft manufacturing facilities. | One of the biggest areas of growth was in electronics and computing, which Haugseth saw as the way of the future. EMI invested heavily into electronics manufacturing as well as R&D over the next decade, quickly becoming the largest technology company in the nation. To keep costs down, it also pursued vertical integration by building its own semiconductor refining facilities, which allowed EMI to sell its products at a price affordable to the average Etheinian. Aerospace was another area of success; in 1985, EMI scored a 10-year government contract to produce military aircraft, which would eventually prove to be one of the most lucrative deals in the company's history. The profits from this contract were used to further expand the company's aircraft manufacturing facilities. | ||
Eventually, EMI would grow large enough to begin acquiring foreign businesses. In 1987, Liam Haugseth bought a 51% stake in Uchiyama Scientific (a manufacturer of high-end optical instruments) and LuckStar Home Products (a domestic appliance company). Both companies would eventually be purchased outright. | Eventually, EMI would grow large enough to begin acquiring foreign businesses. In 1987, Liam Haugseth bought a 51% stake in Uchiyama Scientific (a manufacturer of high-end optical instruments) and LuckStar Home Products (a domestic appliance company). Both companies would eventually be purchased outright and merged into EMI. Minority stakes were also acquired in rare earth mining, aluminum smelting, and composite materials businesses. In September 1990, Haugseth entered into a partnership with William Nieves, - founder of [[Riduur Corporation]] in [[Makko Oko]] - agreeing to assist him with operations in exchange for a 30% share of the company. | ||
===Privatization=== | ===Privatization=== | ||
Although EMI's spectacular growth in the 80s had turned it into a global titan of industry, by the 1990s it was seemingly being crushed by its own weight. One reason for this was the fact that the Etheinian government had, for two decades, prioritized maintaining high employment over economic growth. This meant that EMI, as a state-owned enterprise, could not easily close or relocate its plants. Old, unprofitable factories were kept operating at a loss, creating inefficienies and waste in the supply chain. Additionally, the general slowdown of the Etheinian economy reduced demand for industrial machinery (one of EMI's core business sectors), while soaring fuel prices hurt its automotive sales. Finally, the creeping stagnation that was pervading Etheinian society meant that EMI's products were being technologically outmoded by foreign companies. | |||
===Decline & | The end of Liam Haugseth reign as chairman of the company came in March of 1994, when 26,000 workers in Kiraz and Beimer went on strike to protest wage cuts and poor working conditions. After failing to surpress the strikers, EMI was forced to appease them by making concessions. This came as a major embarrassment to the government, leading then-President [[Renato Chavarría]] to ask Haugseth to resign. As a compromise, Haugseth was allowed to remain on EMI's board of directors, letting him maintain some influence within the company. | ||
Upon taking power in 1996, President [[Alejo Ibáñez]] vowed to reverse Etheinia's economic decline. One of his main objectives was to privatize the big state-owned corporations in order to shift the country towards a market-based economy. Etheinian Manufacturing Industries, which was operating at a net loss of $1.8 billion per year, would be one of the first targets for privatization. Ibáñez ally Keir Aitken was appointed as chairman of the company and tasked with preparing it for the transition. On December 31st, 1996, the President signed an executive order that decoupled EMI from all government funding and control. A day later, on January 1st 1997, Aitken formally registered EMI as a public limited company. | |||
===Restructuring=== | |||
===Decline & bankruptcy=== | |||
==Products== | |||
===Automobiles=== | |||
====Unity==== | |||
====Vantage==== | |||
===Computers=== | |||
===Consumer Electronics & Appliances=== | |||
==Chairmen== | |||
Revision as of 18:05, 1 January 2023
 | This article is incomplete because it is pending further input from participants, or it is a work-in-progress by one author. Please comment on this article's talk page to share your input, comments and questions. Note: To contribute to this article, you may need to seek help from the author(s) of this page. |
 | |
Formerly | Etheinian Manufacturing Industries |
|---|---|
| Public limited company (formerly State-owned enterprise) | |
| Industry | Industrial conglomerate |
| Fate | Liquidated after bankruptcy |
| Founded | February 21, 1971 |
| Defunct | September 5, 2012 |
Area served | Worldwide |
| Products | - Heavy industry - Defense - Vehicles - Electronics & computers - Materials |
Etheinian Manufacturing (EM) was a major Etheinian manufacturing conglomerate that produced industrial machinery, automobiles, aircraft, weapons systems, commercial & consumer electronics, appliances, and optical devices. It was also involved in metal refining and semiconductor production. The company was originally founded in 1971 as Etheinian Manufacturing Industries (EMI), a state-owned enterprise formed out of the nationalization of several private businesses. It grew steadily over the next two decades to become the second-largest industrial company in the United Federation of Etheinia, and the country's third-largest overall employer.
Despite its size (or perhaps because of it), by the mid-90s EMI was operating at a consistent loss in terms of net annual revenue, relying on government subsidies to keep itself afloat. It became a key target for restructuring under President Alejo Ibáñez's economic reforms, with the goal of making the company more efficient & profitable. Under the direction of chairman Keir Aitken, EMI was privatized in 1997 to form a public limited company. Although profits briefly rebounded during the 2000s, increased competition in the marketplace combinded with a heavy debt load led the company to declare bankruptcy in 2009. Etheinian Manufacturing was eventually liquidated in 2012, with most of its former operations being split up and acquired by other companies.
History
Formation
Etheinian Manufacturing Industries was one of 14 state-owned companies created by the 1971 National Enterprise Organization Act, which replaced the informal state management scheme that had been implemented during the Etheinian unification process. Under the 1971 Act, smaller businesses were nationalized and integrated into a single large company based on economic sector. EMI was formed to produce industrial & electrical equipment, trains, and automotive parts, as well as tanks and artillery for the military. The company was formally incorporated on February 21st, 1971.
Expansion
In 1976, as the Etheinian government was slashing the budget for rail transport in favor of road infrastructure, EMI requested to close its unprofitable passenger train division and expand its automotive parts division to produce actual automobiles. This request was approved, and by 1977 the first EMI-built cars were rolling off the assembly line. Also in 1977, the company purchased a small airplane factory in Kiraz, which would eventually become the central production hub for its aerospace division.
EMI's expansion increased greatly under the leadership of chairman Liam Haugseth, who was appointed in 1981 and remained in power for 13 years. Haugseth, who had a close friendship with President Andrés Sandalio Gérard, held significant influence over Etheinian industrial policy at the time. He was a major proponent of "sectorization", a process in which state-owned companies were allowed to expand outside of their original legally-defined scope in order to diversify their operations. Chairman Haugseth took advantage of the new sectorization laws he helped pass, as well as generous defense spending and the increased availability of foreign capital, to grow EMI into a massive industrial conglomerate.
One of the biggest areas of growth was in electronics and computing, which Haugseth saw as the way of the future. EMI invested heavily into electronics manufacturing as well as R&D over the next decade, quickly becoming the largest technology company in the nation. To keep costs down, it also pursued vertical integration by building its own semiconductor refining facilities, which allowed EMI to sell its products at a price affordable to the average Etheinian. Aerospace was another area of success; in 1985, EMI scored a 10-year government contract to produce military aircraft, which would eventually prove to be one of the most lucrative deals in the company's history. The profits from this contract were used to further expand the company's aircraft manufacturing facilities.
Eventually, EMI would grow large enough to begin acquiring foreign businesses. In 1987, Liam Haugseth bought a 51% stake in Uchiyama Scientific (a manufacturer of high-end optical instruments) and LuckStar Home Products (a domestic appliance company). Both companies would eventually be purchased outright and merged into EMI. Minority stakes were also acquired in rare earth mining, aluminum smelting, and composite materials businesses. In September 1990, Haugseth entered into a partnership with William Nieves, - founder of Riduur Corporation in Makko Oko - agreeing to assist him with operations in exchange for a 30% share of the company.
Privatization
Although EMI's spectacular growth in the 80s had turned it into a global titan of industry, by the 1990s it was seemingly being crushed by its own weight. One reason for this was the fact that the Etheinian government had, for two decades, prioritized maintaining high employment over economic growth. This meant that EMI, as a state-owned enterprise, could not easily close or relocate its plants. Old, unprofitable factories were kept operating at a loss, creating inefficienies and waste in the supply chain. Additionally, the general slowdown of the Etheinian economy reduced demand for industrial machinery (one of EMI's core business sectors), while soaring fuel prices hurt its automotive sales. Finally, the creeping stagnation that was pervading Etheinian society meant that EMI's products were being technologically outmoded by foreign companies.
The end of Liam Haugseth reign as chairman of the company came in March of 1994, when 26,000 workers in Kiraz and Beimer went on strike to protest wage cuts and poor working conditions. After failing to surpress the strikers, EMI was forced to appease them by making concessions. This came as a major embarrassment to the government, leading then-President Renato Chavarría to ask Haugseth to resign. As a compromise, Haugseth was allowed to remain on EMI's board of directors, letting him maintain some influence within the company.
Upon taking power in 1996, President Alejo Ibáñez vowed to reverse Etheinia's economic decline. One of his main objectives was to privatize the big state-owned corporations in order to shift the country towards a market-based economy. Etheinian Manufacturing Industries, which was operating at a net loss of $1.8 billion per year, would be one of the first targets for privatization. Ibáñez ally Keir Aitken was appointed as chairman of the company and tasked with preparing it for the transition. On December 31st, 1996, the President signed an executive order that decoupled EMI from all government funding and control. A day later, on January 1st 1997, Aitken formally registered EMI as a public limited company.