Economy
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The Volkswagen Commercial Vehicles Transporter (VWN) factory at Hannover-Stöcken is the biggest employer in the region and operates a huge plant at the northern edge of town adjoining the Mittellandkanal and Motorway A2. Jointly with a factory of German tire and automobile parts manufacturer Continental AG, they have a coal-burning power plant. Continental AG, founded in Hanover in 1871, is one of the city's major companies. Since 2008 a take-over is in progress: the Schaeffler Group from Herzogenaurach (Bavaria) holds the majority of the stock but were required due to the financial crisis to deposit the options as securities at banks. TUI AG has its HQ in Hanover. Hanover is home to many insurance companies, many of which operate only in Germany. One major global reinsurance company is Hannover Re, whose headquarters are east of the city centre.
Read more about this topic: Hanover
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)