Krupp Guide, Meaning , Facts, Information and Description
Krupp is the name of a prominent German family, famous for their steel production and armament manufacture. The business, originally called Friedrich Krupp AG, is now part of Thyssen-Krupp AG, a large industrial conglomerate.
The metal business was started by Friedrich Krupp (1787-1826), who built a small steel foundry in Essen in 1811.
His son, Alfred (1812-87), "the Cannon King," invested heavily in new technologies (notably the Bessemer process), acquired many mines in Germany and France, and became a significant manufacturer of railway material and locomotives. He also invested in subsidized housing for his workers and started a program of health and retirement benefits. The company began to make steel cannons in the 1840s for the Russian, Turkish, and Prussian armies especially. Low non-military demand and government subsidy meant that the company specialized more and more in weapons, by the late 1880s the manufacture of armaments represented varied around 50% of the total output. When Alfred started the firm, it had five employees. At his death there were twenty thousand - the world's largest industrial company.
In World War I some criticized Krupp's policy of selling cannons to the Central Powers as well as to the Entente, a policy which turned out to be highly profitable. Ford and GM did so as well during World War II.
After Hitler came to power, the Krupp works became the center for German rearmament. In 1943, by a special order from Hitler, the company was reconverted into a family holding, and Alfried Krupp von Bohlen und Halbach (1907-67), son of Gustav Krupp, took over the management. After Germany's defeat and the incapability of Gustav to be tried, Alfried was tried as a war criminal at the Nuremberg Trials for his company's use of slave labor and he was sentenced to 12 years and ordered to sell 75% of his holdings. In 1951, as the Cold War developed and no buyer could be found, he was released and in 1953 he resumed control of the firm.
In 1999 the Krupp Group merged with its largest competitor, Thyssen AG; the combined company—Thyssen-Krupp AG, became Germany's fifth largest firm and one of the largest steel producers in the world.