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.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“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)