DAF future
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safeguarded
DISMISSING rumours of the Dutch DAF Trucks company " going on the rocks" or being subject to takeover, Mr David Mansell, managing director of OAF Trucks (GB) Ltd, said last week that a restructuring of the company and the injection of further capital had ensured stability and safeguarded the future.
DAF had, he said, been short of cash this year through the need to carry higher than usual stocks. The risk capital had been increased by 50 million guilders by the existing ,shareholders contributing in the proportion of their existing holdings—the DAF holding company of 67 per cent and International Harvester 33 per • cent.
Dutch State Mines had withdrawn their 25 per cent interest in the holding company and re-invested this directly in DAF trucks, so that the Dutch company was now owned 42 per cent by the DAF holding company, 33 per cent by II-I and 25 per cent by the State Mines.
Further substantial loans were being negotiated.
There had also been management changes. Mr J. H. Van Doorne was now chairman and Mr R. J. Pielsticker, former IH executive in the USA, was no chief executive of DAF Trucks in Holland.