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:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)