Vossloh AG is a rail technology company based in Werdohl in the state of North Rhine-Westphalia , Germany . The SDAX -listed group has achieved sales of around €930 million in 2016 and, as of 2017, had more than 4,000 employees.
145-503: Vossloh can trace its origins back to the late 19th century and Edward Vossloh, a blacksmith who secured component manufacturing work for the Royal Prussian Railway in the 1880s. In the following decades, the company expanded into the production of general hardware, including decorative items and lampholders for electric lighting. The company has long been based at Werdolh, though this has not always been straightforward;
290-683: A R 3.5 billion (2012) (equivalent to R4.81 billion or US$ 363.15 million in 2018) contract with the Passenger Rail Agency of South Africa (PRASA). Between 2011 and 2015, Vossloh made 10 payments amounting to R89 million, to set up the Swifambo-Vossloh deal with PRASA; the South African Reserve Bank the payments as bribes. In 2018, the Supreme Court of Appeal upheld a decision by
435-478: A crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession. They argue that such a reshaping should include new advances within feminist economics and ecological economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as
580-406: A heavy bar or rod for the hammer handle. Punching is not limited to depressions and holes. It also includes cutting, slitting, and drifting—all done with a chisel. The five basic forging processes are often combined to produce and refine the shapes necessary for finished products. For example, to fashion a cross-peen hammer head, a smith would start with a bar roughly the diameter of the hammer face:
725-490: A minimum, there's a little 'froth' [in the U.S. housing market]...it's hard not to see that there are a lot of local bubbles". The Economist , writing at the same time, went further, saying, "[T]he worldwide rise in house prices is the biggest bubble in history". Real estate bubbles are (by definition of the word "bubble") followed by a price decrease (also known as a housing price crash ) that can result in many owners holding negative equity (a mortgage debt higher than
870-696: A new tension clamp rail fastening developed by Prof. Hermann Meier, director of the Deutsche Bundesbahn . As a result of a recession in Germany in the 1980s , two plants were closed and many employees were lay-offs, reducing Vossloh's headcount by almost half. Management was brought in from outside the Vossloh family and the rival company Schwabe GmbH was acquired. Schwabe's lighting ballast products complemented Vossloh's lighting fittings product range and, on 1 December 1989, Vossloh-Werke GmbH became
1015-514: A plant in Lüdenscheid . By 1950, recovery was well underway, with in excess of 700 employees at Vossloh's three production facilities. By 1962, an additional plant for lighting products had opened in Selm and the Vossloh works employed 1,300 people, with 500 more employed in subsidiaries. A decisive turning point in the company's fortunes occurred in 1967 when Vossloh obtained a license to produce
1160-403: A public stock company or Aktiengesellschaft (AG). At that time, there were three company divisions : Vossloh-Werke GmbH (Werdohl) (railway components e.g. tension clamps), Vossloh-Schwabe GmbH (Urbach) (electrical lighting products and components), and Hansa Metallwarengesellschaft mbH Thiessen & Hager (decorative products, sunscreen products). The current listed company
1305-572: A resolution preventing CFTC from regulating derivatives for another six months — when Born's term of office would expire. Ultimately, it was the collapse of a specific kind of derivative, the mortgage-backed security , that triggered the economic crisis of 2008. Paul Krugman wrote in 2009 that the run on the shadow banking system was the fundamental cause of the crisis. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating
1450-770: A sharp drop in international trade , rising unemployment and slumping commodity prices. Several economists predicted that recovery might not appear until 2011 and that the recession would be the worst since the Great Depression of the 1930s. Economist Paul Krugman once commented on this as seemingly the beginning of "a second Great Depression". Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. The recession renewed interest in Keynesian economic ideas on how to combat recessionary conditions. Economists advise that
1595-510: A tool for taking excessive risks. Examples of vulnerabilities in the public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. There are several "narratives" attempting to place the causes of the recession into context, with overlapping elements. Five such narratives include: Underlying narratives #1–3
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#17327803483641740-405: A very low carbon content, and also included up to 5% of glassy iron silicate slag in the form of numerous very fine stringers. This slag content made the iron very tough, gave it considerable resistance to rusting, and allowed it to be more easily "forge welded," a process in which the blacksmith permanently joins two pieces of iron, or a piece of iron and a piece of steel, by heating them nearly to
1885-436: A white heat and hammering them together. Forge welding is more difficult with modern mild steel, because it welds in a narrower temperature band. The fibrous nature of wrought iron required knowledge and skill to properly form any tool which would be subject to stress. Modern steel is produced using either the blast furnace or arc furnaces. Wrought iron was produced by a labor-intensive process called puddling , so this material
2030-430: Is smelted into usable metal, a certain amount of carbon is usually alloyed with the iron. (Charcoal is almost pure carbon.) The amount of carbon significantly affects the properties of the metal. If the carbon content is over 2%, the metal is called cast iron , because it has a relatively low melting point and is easily cast. It is quite brittle, however, and cannot be forged so therefore not used for blacksmithing. If
2175-459: Is a heroic blacksmith in Germanic mythology. The Poetic Edda states that he forged beautiful gold rings set with wonderful gems. He was captured by king Níðuðr , who cruelly hamstrung him and imprisoned him on an island. Völundr eventually had his revenge by killing Níðuðr's sons and fashioning goblets from their skulls, jewels from their eyes and a brooch from their teeth. He then raped
2320-413: Is a hypothesis that growing income inequality and wage stagnation encouraged families to increase their household debt to maintain their desired living standard, fueling the bubble. Further, this greater share of income flowing to the top increased the political power of business interests, who used that power to deregulate or limit regulation of the shadow banking system. Narrative #5 challenges
2465-472: Is an alloy of copper and zinc . Each material responds differently under the hammer and must be separately studied by the blacksmith. Steel with less than 0.6% carbon content cannot be hardened enough by simple heat-treatment to make useful hardened-steel tools. Hence, in what follows, wrought-iron, low-carbon-steel, and other soft unhardenable iron varieties are referred to indiscriminately as just iron . In Hindu mythology, Tvastar also known as Vishvakarma
2610-433: Is important for indicating the temperature and workability of the metal. As iron heats to higher temperatures, it first glows red, then orange, yellow, and finally white. The ideal heat for most forging is the bright yellow-orange color that indicates forging heat . Because they must be able to see the glowing color of the metal, some blacksmiths work in dim, low-light conditions, but most work in well-lit conditions. The key
2755-488: Is lengthened or "drawn out." As an example of drawing, a smith making a chisel might flatten a square bar of steel, lengthening the metal, reducing its depth but keeping its width consistent. Drawing does not have to be uniform. A taper can result as in making a wedge or a woodworking chisel blade. If tapered in two dimensions, a point results. Drawing can be accomplished with a variety of tools and methods. Two typical methods using only hammer and anvil would be hammering on
2900-439: Is likely to have them crack and break apart. This is a problem for some blade-making steels, which must be worked carefully to avoid developing hidden cracks that would cause failure in the future. Though rarely hand-worked, titanium is notably hot short. Even such common smithing processes as decoratively twisting a bar are impossible with it. Upsetting is the process of making metal thicker in one dimension through shortening in
3045-1075: Is manufacturing concrete railway ties in North America. In addition, six own production sites in the US and another one in Mexico also produce switch ties, concrete low-vibration track blocks and crossing panels. The Customized Modules division develops and manufactures systems for rail infrastructure, which must be individually adapted to the customer and the project. Installation and maintenance are related Vossloh services. Vossloh Cogifer produces railway switch systems at over 30 production sites in over 20 countries: Vossloh Nordic Switch systems AB (Sweden), KIHN (Luxembourg), Vossloh Track Material Inc. (Wilmington USA) and Cleveland Track Material Inc. ( Cleveland USA) and Vossloh Cogifer Australia Pty., as well as two joint ventures Corus Cogifer Switches and Crossings, (Scunthorpe, UK) and Amurrio Ferrocarril y Equipos SA (Spain). From 2012, Corus Cogifer Switches and Crossings
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#17327803483643190-430: Is now a difficult-to-find specialty product. Modern blacksmiths generally substitute mild steel for making objects traditionally of wrought iron. Sometimes they use electrolytic-process pure iron. Many blacksmiths also incorporate materials such as bronze , copper , or brass in artistic products. Aluminum and titanium may also be forged by the blacksmith's process. Bronze is an alloy of copper and tin , while brass
3335-400: Is sufficiently corrosion-resistant that artifacts of bronze may last thousands of years relatively unscathed. Accordingly, museums frequently preserve more examples of Bronze Age metal-work than examples of artifacts from the much younger Iron Age . Buried iron artifacts may completely rust away in less than 100 years. Examples of ancient iron work still extant are very much the exception to
3480-509: Is the blacksmith of the devas . The earliest references of Tvastar can be found in the Rigveda . Hephaestus (Latin: Vulcan ) was the blacksmith of the gods in Greek and Roman mythology . A supremely skilled artisan whose forge was a volcano, he constructed most of the weapons of the gods, as well as beautiful assistants for his smithy and a metal fishing-net of astonishing intricacy. He
3625-466: Is the timing. Subprime lending increased from around 10% of mortgage origination historically to about 20% only from 2004 to 2006, with housing prices peaking in 2006. Blaming affordable housing regulations established in the 1990s for a sudden spike in subprime origination is problematic at best. A more proximate government action to the sudden rise in subprime lending was the SEC relaxing lending standards for
3770-510: Is to have consistent lighting, but not too bright. Direct sunlight obscures the colors. The techniques of smithing can be roughly divided into forging (sometimes called "sculpting"), welding, heat-treating, and finishing. Forging —the process smiths use to shape metal by hammering—differs from machining in that forging does not remove material. Instead, the smith hammers the iron into shape. Even punching and cutting operations (except when trimming waste) by smiths usually re-arrange metal around
3915-515: The American Enterprise Institute , which advocates for private enterprise and limited government, have asserted that private lenders were encouraged to relax lending standards by government affordable housing policies. They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. The legislation gave HUD
4060-541: The China Railway Rolling Stock Corporation (CRRC) since 2020. Its customers are generally public and private railway companies and network operators, as well as regional and municipal transport companies. Since its restructuring in the mid 2010s, Vossloh has been focusing on target markets China, the US, Russia and Western Europe. Important Vossloh production sites are in Germany, France, Luxembourg, Poland and Scandinavia. In addition,
4205-492: The Commodity Futures Trading Commission , put forth a policy paper asking for feedback from regulators, lobbyists, and legislators on the question of whether derivatives should be reported, sold through a central facility, or whether capital requirements should be required of their buyers. Greenspan, Rubin, and Levitt pressured her to withdraw the paper and Greenspan persuaded Congress to pass
4350-709: The Great Recession . Demand for Vossloh's products remained strong throughout the 1930s and into the Second World War ; in the war year, women took the place of many of the male craftsmen that were sent off to fight. During early 1945, amid the closing months of the conflict, the firm's facilities in Werdohl were destroyed by a bomb. Subsidiaries marketing lampholders, which were located in Kaliningrad , Wroclaw and East Germany , ceased to be part of
4495-676: The IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita . Despite the fact that quarterly data are being used as recession definition criteria by all G20 members , representing 85% of the world GDP , the International Monetary Fund (IMF) has decided—in the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP ‑weighted real GDP for
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4640-619: The Johannesburg High Court declaring the contract corrupt. Vossloh has not paid back the R1.87 billion it received. In 2000 Vossloh and Angel Trains formed a locomotive leasing business - Locomotion Partners consisting of two companies: The companies would not exclusively hire and service only Vossloh locomotives, and would act independently, depending on the circumstances. In 2004, the 10% stake in Locomotion capital Ltd.
4785-595: The Proto-Germanic *smiþaz meaning "skilled worker". Blacksmiths work by heating pieces of wrought iron or steel until the metal becomes soft enough for shaping with hand tools, such as a hammer, an anvil and a chisel . Heating generally takes place in a forge fueled by propane, natural gas, coal, charcoal, coke , or oil. Some modern blacksmiths may also employ an oxyacetylene or similar blowtorch for more localized heating. Induction heating methods are gaining popularity among modern blacksmiths. Color
4930-489: The Royal Prussian Railway ; allegedly the Prussian authorities had looked positively upon his military service. Lacking the resources to filful the order, Vossloh hired several workers and obtained help from another German company Kugel & Berg , who delivered the needed wire to construct the metal lock rings. Soon after the order's fulfilment, additional orders followed and Vossloh had no shortage of work. On 11 July 1888,
5075-448: The 1990s, Vossloh was re-orientated as a rail-industry-based company. In 2002, the lighting division was sold to Matsushita Electric Works, Ltd. of Osaka , Japan, and the company decided to expand into the rail industry market through a number of acquisitions. At the end of 2005, Burkard Schuchmann is succeeded by Dr. Gerhard Eschenröder as CEO until 2007 when Werner Andree replaces him. The subsidiary, Vossloh Information Technologies GmbH
5220-429: The 19th and early 20th centuries, the current banking panic is a wholesale panic, not a retail panic. In the earlier episodes, depositors ran to their banks and demanded cash in exchange for their checking accounts. Unable to meet those demands, the banking system became insolvent. The current panic involved financial firms "running" on other financial firms by not renewing sale and repurchase agreements (repo) or increasing
5365-416: The 19th century. Yet, over the past 30-plus years, we permitted the growth of a shadow banking system – opaque and laden with short term debt – that rivaled the size of the traditional banking system. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without
5510-535: The Eduard Vossloh Company was registered; that same year, the business moved to new premises outside of Werdhol's inner core that facilitated an expanded workshop and product range. By the mid 1890s, this workshop had been equipped with a variety of machines and effectively become a small factory. In 1899, Edward Vossloh died and his three oldest sons took on the management of the company. One of these sons, Karl Vossloh, became an engineer and expanded
5655-544: The FCIC Republican minority dissenting report also concluded that U.S. housing policies were not a robust explanation for a wider global housing bubble. The hypothesis that a primary cause of the crisis was U.S. government housing policy requiring banks to make risky loans has been widely disputed, with Paul Krugman referring to it as "imaginary history". One of the other challenges with blaming government regulations for essentially forcing banks to make risky loans
5800-533: The Federal Reserve has been widely discussed, the main point of controversy remains the lowering of the Federal funds rate to 1% for more than a year, which, according to Austrian theorists , injected huge amounts of "easy" credit-based money into the financial system and created an unsustainable economic boom. There is an argument that Greenspan's actions in the years 2002–2004 were actually motivated by
5945-416: The Federal Reserve. Further, American International Group (AIG) had insured mortgage-backed and other securities but was not required to maintain sufficient reserves to pay its obligations when debtors defaulted on these securities. AIG was contractually required to post additional collateral with many creditors and counter-parties, touching off controversy when over $ 100 billion of U.S. taxpayer money
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6090-690: The G20‑;zone, however, is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. The years leading up to
6235-753: The Summit on Financial Markets and the World Economy," dated November 15, 2008, leaders of the Group of 20 cited the following causes: During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in
6380-504: The US, from $ 106,591 to $ 68,839 between 2005 and 2011. The US Financial Crisis Inquiry Commission , composed of six Democratic and four Republican appointees, reported its majority findings in January 2011. It concluded that "the crisis was avoidable and was caused by: There were two Republican dissenting FCIC reports. One of them, signed by three Republican appointees, concluded that there were multiple causes. In his separate dissent to
6525-546: The United States, and 21% in Denmark. Household defaults, underwater mortgages (where the loan balance exceeds the house value), foreclosures, and fire sales are now endemic to a number of economies. Household deleveraging by paying off debts or defaulting on them has begun in some countries. It has been most pronounced in the United States, where about two-thirds of the debt reduction reflects defaults." The onset of
6670-463: The Vossloh board, after having raised his shareholding in the company from below 5% to over 10% in March 2011, and to over 25% in 2013. Thiele's election as chair was opposed by the Vossloh family, who owned over 30% of the shares. In November 2013, the Vossloh family unexpectedly sold 22% of its shareholding, reducing their holding to under 10% and leaving Heinz Hermann Thiele as the largest shareholder in
6815-513: The academic definition, the recession ended in the United States in June or July 2009. Journalist Robert Kuttner has argued that 'The Great Recession' is a misnomer. According to Kuttner, "recessions are mild dips in the business cycle that are either self-correcting or soon cured by modest fiscal or monetary stimulus. Because of the continuing deflationary trap, it would be more accurate to call this decade's stagnant economy The Lesser Depression or The Great Deflation." The Great Recession met
6960-407: The aftermath of the conflict, the demand for forged products collapsed and Vossloh opted to focus on smaller metal components instead of manufacturing larger ones, establishing a modest plant to product sheet metal along with a separate new facility to supply the former with raw materials. During the early 1920s, the business was reorganised into three limited liability companies, each led by one of
7105-475: The anvil horn, and hammering on the anvil face using the cross peen of a hammer. Another method for drawing is to use a tool called a fuller , or the peen of the hammer, to hasten the drawing out of a thick piece of metal. (The technique is called fullering from the tool.) Fullering consists of hammering a series of indentations with corresponding ridges, perpendicular to the long section of the piece being drawn. The resulting effect looks somewhat like waves along
7250-418: The appearance of the piece. An experienced smith selects the finish based on the metal and on the intended use of the item. Finishes include (among others): paint, varnish, bluing , browning , oil, and wax. A blacksmith's striker is an assistant (frequently an apprentice ) whose job is to swing a large sledgehammer in heavy forging operations, as directed by the blacksmith. In practice, the blacksmith holds
7395-464: The bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014 . As of January 2018 , bailout funds had been fully recovered by the government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to
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#17327803483647540-528: The bailouts. In 2008, TARP allocated $ 426.4 billion to various major financial institutions. However, the US collected $ 441.7 billion in return from these loans in 2010, recording a profit of $ 15.3 billion. Nonetheless, there was a political shift from the Democratic party. Examples include the rise of the Tea Party and the loss of Democratic majorities in subsequent elections. President Obama declared
7685-460: The blacksmith had a general knowledge of how to make and repair many things, from the most complex of weapons and armor to simple things like nails or lengths of chain. The "black" in "blacksmith" refers to the black firescale , a layer of oxides that forms on the surface of the metal during heating. The origin of smith is the Old English word smið meaning "blacksmith", originating from
7830-418: The carbon content is between 0.25% and 2%, the resulting metal is tool steel , which can be heat treated as discussed above. When the carbon content is below 0.25%, the metal is either " wrought iron (wrought iron is not smelted and cannot come from this process) " or "mild steel." The terms are never interchangeable. In preindustrial times, the material of choice for blacksmiths was wrought iron. This iron had
7975-447: The center of the weld connects first and the connection spreads outward under the hammer blows, pushing out the flux (if used) and foreign material. The dressed metal goes back in the fire, is brought near to welding heat, removed from the fire, and brushed. Flux is sometimes applied, which prevents oxygen from reaching and burning the metal during forging, and it is returned to the fire. The smith now watches carefully to avoid overheating
8120-492: The company announced it was to build a new plant at a cost of €30 million in the Suchsdorf area of Kiel. A groundbreaking ceremony for the new plant took place on 17 July 2015. In December 2014, the company announced its intention to divest its transportation division. During November 2015, it was announced that Vossloh's rail vehicles division was to be sold to Stadler . The Electrical Systems division (formerly Vossloh Kiepe)
8265-403: The company due to the post-war changes to Germany's national borders made at the end of the conflict . In contrast, Werdhol has remained an important location to the company; even in the 21st century, the headquarters of Vossloh AG and Vossloh Fastening Systems GmbH (Core Components division) are located here. During 1946, production of holders for fluorescent tubes was allowed to take place at
8410-484: The company enters the rail services market in Germany, forming Vossloh Rail Services GmbH from the rail maintenance parts of Stahlberg-Roensch Group, in addition to LOG Logistikgesellschaft Gleisbau mbH and ISB Instandhaltungssysteme Bahn GmbH. A rail milling and grinding joint venture, Vossloh MFL Rail Milling GmbH , was formed in association with Maschinenfabrik Liezen und Giesserei in 2012. In mid 2013, Knorr-Bremse owner, Heinz Hermann Thiele , became chairman of
8555-438: The company launched a new locomotive type: the diesel electric Eurolight locomotive , designed for railways requiring axleloads less than 20t, and with either 2.3 or 2.8MW installed engine power. In September 2012, Vossloh unveiled a mockup of the "Desert Hawk" locomotive, a single ended development of its Euro locomotive design intended for use in push-pull passenger trains in hot and sandy conditions. The rail vehicles division
8700-575: The company. During 2014, the company launched a major restructuring. New executive board members were introduced and high level management numbers were reduced by a third, and talks started on general workforce redundancies. The transfer of locomotive production in Kiel to a more modern site was also under investigation, with three sites identified. In June 2014 Kieler Nachrichten reported that an offer had been made for Voith 's locomotive plant, however in July
8845-414: The company’s facilities there were bombed during the latter half of the Second World War . Several subsidiary companies were lost following the conclusion of the conflict. However, Vossloh survived, launching production of fluorescent tube holders at a plant in Lüdenscheid in 1946. In 1967, it obtained a license to make a new tension clamp rail fastening. During the late 1980s, considerable reorganisation
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#17327803483648990-530: The company’s product range by developing various new metal components for the railways. The business grew steadily around this time; by the outbreak of the First World War in 1914, it employed roughly 240 people and provided a steady living for the Vossloh family. During 1917, a large German steel maker, Rheinische Stahlwerke Duis-burg, held talks with the Vossloh family on acquiring the firm; however, terms could not be agreed and no such deal took place. In
9135-596: The copper used by the Mediterranean World came from the island of Cyprus . Most of the tin came from the Cornwall region of the island of Great Britain , transported by sea-borne Phoenician and Greek traders. Copper and bronze cannot be hardened by heat-treatment, they can only be hardened by cold working . To accomplish this, a piece of bronze is lightly hammered for a long period of time. The localized stress-cycling causes work hardening by changing
9280-494: The core business, rail infrastructure: Core Components, Customized Modules and Lifecycle Solutions. Vossloh currently operates with four divisions. The fourth division, Transportation, covers the developing and manufacturing of diesel locomotives, and also provides all necessary locomotive maintenance and repair services. With the adoption of the strategy at the end of 2014, the Transportation division stopped being part of
9425-1414: The core business. The individual companies are centrally coordinated by the holding company, Vossloh AG, and operate in common under the Vossloh brand. The Core Components division manufactures standardized products on an industrial scale, which are required in large quantities for rail infrastructure. Vossloh's business unit Fastening Systems produces rail fastening systems and components, which are used in more than 65 countries. The screw-fastened and maintenance-free elastic systems are suitable for all applications: ballasted and slab tracks, mainline and conventional lines, high-speed lines, heavy-haul and local transport. Approximately 50 million tension clamps leave Vossloh's production sites in Europe, Asia and North America every year. The division includes Vossloh Fastening Systems GmbH (Werdohl Germany), Delkor Rail Pty. Ltd. (Australia), Patil Vossloh Rail Systems Pvt. Ltd. (joint venture with Patil Group of India), Vossloh Sistemi s.r.l. (Italy), TOO "Vossloh-Kaz" (Russia), Vossloh Utenzilija d.d. (Croatia), Vossloh Skamo Sp. z o.o. (Poland), Vossloh Tehnika Feroviara S.R.L. (Romania), Vossloh Drážní Technika s.r.o. (Czech Republic), Vossloh Rail Technology Limitet Sirketi (Turkey), Feder-7 GmbH (Hungary) and Vossloh Fastening Systems America Corporation (Chicago, USA). Vossloh's business unit Tie Technologies
9570-453: The crisis were characterized by an exorbitant rise in asset prices and associated boom in economic demand. Further, the U.S. shadow banking system (i.e., non-depository financial institutions such as investment banks) had grown to rival the depository system yet was not subject to the same regulatory oversight, making it vulnerable to a bank run . US mortgage-backed securities , which had risks that were hard to assess, were marketed around
9715-668: The crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected the functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as
9860-442: The current value of the property). Several sources have noted the failure of the US government to supervise or even require transparency of the financial instruments known as derivatives . Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. This is analogous to allowing many persons to buy insurance on
10005-523: The downturn. In advanced economies, during the five years preceding 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138 percent. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. A surge in household debt to historic highs also occurred in emerging economies such as Estonia, Hungary, Latvia, and Lithuania. The concurrent boom in both house prices and
10150-619: The economic crisis took most people by surprise. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States: Dean Baker , Wynne Godley , Fred Harrison , Michael Hudson , Eric Janszen , Med Jones Steve Keen , Jakob Brøchner Madsen , Jens Kjaer Sørensen, Kurt Richebächer , Nouriel Roubini , Peter Schiff , and Robert Shiller . By 2007, real estate bubbles were still under way in many parts of
10295-405: The economic headwinds that slowed the recovery: On the political front, widespread anger at banking bailouts and stimulus measures (begun by President George W. Bush and continued or expanded by President Obama ) with few consequences for banking leadership, were a factor in driving the country politically rightward starting in 2010. The Troubled Asset Relief Program (TARP) was the largest of
10440-404: The ends of the stock down into the bend, 'upsetting' it at the point of the bend. They would then dress the bend by drawing the sides of the bend to keep the correct thickness. The hammering would continue—upsetting and then drawing—until the curve had been properly shaped. In the primary operation was the bend, but the drawing and upsetting are done to refine the shape. Welding is the joining of
10585-471: The fall of Lehman Brothers on September 15, 2008, a major panic broke out on the inter-bank loan market. There was the equivalent of a bank run on the shadow banking system , resulting in many large and well established investment banks and commercial banks in the United States and Europe suffering huge losses and even facing bankruptcy, resulting in massive public financial assistance (government bailouts). The global recession that followed resulted in
10730-454: The following recovery weaker. Robert Reich claims the amount of debt in the US economy can be traced to economic inequality , assuming that middle-class wages remained stagnant while wealth concentrated at the top, and households "pull equity from their homes and overload on debt to maintain living standards". The IMF reported in April 2012: "Household debt soared in the years leading up to
10875-666: The former MaK locomotive plant in Kiel produces diesel-electric and diesel-hydraulic centre-cab locomotives, for freight and shunting purposes, which are fitted with eco-friendly technology and are approved in many European countries. This is complemented by services related to the maintenance and repair of locomotives, including variable financing models and options for maintenance agreements. ECM-compliant service centers are located in Germany, France and Italy. The pan-European service network also includes partner workshops and collaborations, in Sweden. The factory's main production up to 2009
11020-484: The god of blacksmiths, warriors, hunters and others who work with iron is one of the pantheon of Orisha traditionally worshipped by the Yoruba people of Nigeria . Gold , silver , and copper all occur in nature in their native states , as reasonably pure metals – humans probably worked these metals first. These metals are all quite malleable , and humans' initial development of hammering techniques
11165-578: The group has subsidiaries in Asia, North and South America, Australia and Russia. The company origins can be traced back to the German blacksmith Eduard Vossloh. After returning from the Franco-Prussian War , Vossloh undertook various forms of work and struggled to turn a profit until he secured a major contract during 1883 for the manufacture of spring washers , used for rail fasteners , from
11310-583: The hammer over the horn or edge of the anvil or by inserting a bending fork into the hardy hole (the square hole in the top of the anvil), placing the work piece between the tines of the fork, and bending the material to the desired angle. Bends can be dressed and tightened, or widened, by hammering them over the appropriately shaped part of the anvil. Some metals are "hot short", meaning they lose their tensile strength when heated. They become like Plasticine : although they may still be manipulated by squeezing, an attempt to stretch them, even by bending or twisting,
11455-450: The handle hole would be punched and drifted (widened by inserting or passing a larger tool through it), the head would be cut (punched, but with a wedge), the peen would be drawn to a wedge, and the face would be dressed by upsetting. As with making a chisel, since it is lengthened by drawing it would also tend to spread in width. A smith would therefore frequently turn the chisel-to-be on its side and hammer it back down—upsetting it—to check
11600-580: The hero known to the Ossetians as Kurdalægon and the Circassians as Tlepsh is a blacksmith and skilled craftsman whose exploits exhibit shamanic features, sometimes bearing comparison to those of the Scandinavian deity Odin . One of his greatest feats is acting as a type of male midwife to the hero Xamyc , who has been made the carrier of the embryo of his son Batraz by his dying wife
11745-563: The high tension ring, which went on to become the standard used on numerous railways across Europe, including Germany. By the late 1920s, Vossloh had developed a network of sales offices across the region, including offices in Kõnigsberg, Breslau, Munich, Frankfurt/Main, Belgium, and the Netherlands. Throughout the early 20th century, the company continued to grow, producing general hardware, including decorative items and lampholders for electric lights; its diverse product range helped it survive
11890-403: The hole, rather than drilling it out as swarf . Forging uses seven basic operations or techniques: These operations generally require at least a hammer and anvil , but smiths also use other tools and techniques to accommodate odd-sized or repetitive jobs. Drawing lengthens the metal by reducing one or both of the other two dimensions. As the depth is reduced, or the width narrowed, the piece
12035-419: The hot iron at the anvil (with tongs) in one hand, and indicates where to strike the iron by tapping it with a small hammer in the other hand. The striker then delivers a heavy blow to the indicated spot with a sledgehammer. During the 20th century and into the 21st century, this role has become increasingly unnecessary and automated through the use of trip hammers or reciprocating power hammers. When iron ore
12180-473: The inflow of investment dollars required to fund the U.S. trade deficit was a major cause of the housing bubble and financial crisis: "The trade deficit, less than 1% of GDP in the early 1990s, hit 6% in 2006. That deficit was financed by inflows of foreign savings, in particular from East Asia and the Middle East. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis
12325-541: The kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. Influential figures should have proclaimed a simple rule: anything that does what a bank does, anything that has to be rescued in crises the way banks are, should be regulated like a bank." He referred to this lack of controls as "malign neglect". During 2008, three of
12470-571: The king's daughter, after drugging her with strong beer, and escaped, laughing, on wings of his own making, boasting that he had fathered a child upon her. Seppo Ilmarinen , the Eternal Hammerer, blacksmith and inventor in the Kalevala , is an archetypal artificer from Finnish mythology. Tubal-Cain is mentioned in the book of Genesis of the Torah as the original smith. Ogun ,
12615-568: The largest U.S. investment banks either went bankrupt ( Lehman Brothers ) or were sold at fire sale prices to other banks ( Bear Stearns and Merrill Lynch ). The investment banks were not subject to the more stringent regulations applied to depository banks. These failures exacerbated the instability in the global financial system. The remaining two investment banks, Morgan Stanley and Goldman Sachs , potentially facing failure, opted to become commercial banks, thereby subjecting themselves to more stringent regulation but receiving access to credit via
12760-631: The lifecycle management of entire track sections. Vossloh Rail Services provides railway track infrastructure maintenance such as rail grinding, welding, replacement and testing. The division was formed in 2010 with the acquisition of parts of the Stahlberg-Roensch Group and Logistikgesellschaft Gleisbau mbH and Instandhaltungssysteme Bahn GmbH from the Contrack Group. The Transportation division produces locomotives and provides related services. Vossloh Locomotives GmbH,
12905-537: The main headline is that all sorts of poor countries became kind of rich, making things like TVs and selling us oil. China, India, Abu Dhabi, Saudi Arabia made a lot of money and banked it." Describing the crisis in Europe, Paul Krugman wrote in February 2012 that: "What we're basically looking at, then, is a balance of payments problem, in which capital flooded south after the creation of the euro, leading to overvaluation in southern Europe." Another narrative about
13050-466: The majority and minority opinions of the FCIC, Commissioner Peter J. Wallison of the American Enterprise Institute (AEI) primarily blamed U.S. housing policy, including the actions of Fannie and Freddie , for the crisis. He wrote: "When the bubble began to deflate in mid-2007, the low quality and high risk loans engendered by government policies failed in unprecedented numbers." In its "Declaration of
13195-532: The metal glows an intense yellow or white. At this temperature the steel is near molten. Any foreign material in the weld, such as the oxides or "scale" that typically form in the fire, can weaken it and cause it to fail. Thus the mating surfaces to be joined must be kept clean. To this end a smith makes sure the fire is a reducing fire: a fire where, at the heart, there is a great deal of heat and very little oxygen. The smith also carefully shapes mating faces so that as they come together foreign material squeezes out as
13340-460: The metal in the fire so he can see it without letting surrounding air contact the surface. (Note that smiths don't always use flux, especially in the UK.) Now the smith moves with rapid purpose, quickly taking the metal from the fire to the anvil and bringing the mating faces together. A few light hammer taps bring the mating faces into complete contact and squeeze out the flux—and finally, the smith returns
13485-412: The metal is joined. To clean the faces, protect them from oxidation, and provide a medium to carry foreign material out of the weld, the smith sometimes uses flux—typically powdered borax, silica sand, or both. The smith first cleans parts to be joined with a wire brush, then puts them in the fire to heat. With a mix of drawing and upsetting the smith shapes the faces so that when finally brought together,
13630-455: The metal. There is some challenge to this because, to see the color of the metal, the smith must remove it from the fire—exposing it to air, which can rapidly oxidize it. So the smith might probe into the fire with a bit of steel wire, prodding lightly at the mating faces. When the end of the wire sticks on to the metal, it is at the right temperature (a small weld forms where the wire touches the mating face, so it sticks). The smith commonly places
13775-450: The mid-1990s. In 1997, the company was first listed on the MDAX . During 1998, the railway switch manufacturing company VAE group was acquired by Voestalpine AG and Vossloh. However, a recession in the 1990s contributed to the sale of Vossloh's "non-recession-resilient" decorative products division to Arquati S.p.A. of Italy in 1997. Under company CEO Burkhard Schuchmann during and after
13920-662: The need to take the U.S. economy out of the early 2000s recession caused by the bursting of the dot-com bubble : although by doing so he did not avert the crisis, but only postponed it. Another narrative focuses on high levels of private debt in the US economy. USA household debt as a percentage of annual disposable personal income was 127% at the end of 2007, versus 77% in 1990. Faced with increasing mortgage payments as their adjustable rate mortgage payments increased, households began to default in record numbers, rendering mortgage-backed securities worthless. High private debt levels also impact growth by making recessions deeper and
14065-622: The norm. Concurrent with the advent of alphabetic characters in the Iron Age , humans became aware of the metal iron . However, in earlier ages, iron's qualities, in contrast to those of bronze, were not generally understood. Iron artifacts , composed of meteoric iron , have the chemical composition containing up to 40% nickel . As this source of this iron is extremely rare and fortuitous, little development of smithing skills peculiar to iron can be assumed to have occurred. That we still possess any such artifacts of meteoric iron may be ascribed to
14210-544: The obligation and defaulted; U.S. taxpayers paid over $ 100 billion to global financial institutions to honor AIG obligations, generating considerable outrage. A 2008 investigative article in The Washington Post found leading government officials at the time (Federal Reserve Board Chairman Alan Greenspan , Treasury Secretary Robert Rubin , and SEC Chairman Arthur Levitt ) vehemently opposed any regulation of derivatives. In 1998, Brooksley E. Born , head of
14355-487: The origin has been focused on the respective parts played by public monetary policy (notably in the US) and by the practices of private financial institutions. In the U.S., mortgage funding was unusually decentralised, opaque, and competitive, and it is believed that competition between lenders for revenue and market share contributed to declining underwriting standards and risky lending. While Alan Greenspan's role as Chairman of
14500-408: The other. One form is to heat the end of a rod and then hammer on it as one would drive a nail: the rod gets shorter, and the hot part widens. An alternative to hammering on the hot end is to place the hot end on the anvil and hammer on the cold end. Punching may be done to create a decorative pattern, or to make a hole. For example, in preparation for making a hammerhead, a smith would punch a hole in
14645-595: The planet. Though no one knew they were in it at the time, the Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic variables did not regain pre-recession (November or Q4 2007) levels until 2011–2016. For example, real GDP fell $ 650 billion (4.3%) and did not recover its $ 15 trillion pre-recession level until Q3 2011. Household net worth, which reflects
14790-471: The popular claim (narrative #4) that subprime borrowers with shoddy credit caused the crisis by buying homes they couldn't afford. This narrative is supported by new research showing that the biggest growth of mortgage debt during the U.S. housing boom came from those with good credit scores in the middle and top of the credit score distribution—and that these borrowers accounted for a disproportionate share of defaults. The Economist wrote in July 2012 that
14935-838: The power ranges of the G1206 and G1700 versions.) By mid 2015, the Vossloh Eurolight series had multiple outstanding orders with the British operator Direct Rail Services and the Italian railway operator Dinazzano Po. In August 2016, Vossloh Locomotives won a €140 million contract to supply 44 DE 18 class locomotives to the French railway company Akiem S.A.S. During May 2020, Vossloh sold its locomotives business unit to China Railway Rolling Stock Corporation Zhuzhou Locomotive Co. In 2012, Vossloh España and front-company Swifambo signed
15080-526: The power to set future requirements. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 a 56 percent minimum was established. However, the Financial Crisis Inquiry Commission (FCIC) Democratic majority report concluded that Fannie & Freddie "were not a primary cause" of the crisis and that CRA was not a factor in the crisis. Further, since housing bubbles appeared in multiple countries in Europe as well,
15225-410: The protections we had constructed to prevent financial meltdowns. We had a 21st-century financial system with 19th-century safeguards. The Gramm–Leach–Bliley Act (1999), which reduced the regulation of banks by allowing commercial and investment banks to merge, has also been blamed for the crisis, by Nobel Prize –winning economist Joseph Stiglitz among others. Peter Wallison and Edward Pinto of
15370-535: The rail sector. In North America, Vossloh became the leading manufacturer of concrete railway ties . It has offered a globally unique grinding technology, so-called high-speed grinding, for track maintenance. Vossloh previously owned three business units for Electrical Systems, Locomotives, and Rail Vehicles; these were sold in 2015, 2020 and 2016 respectively. The brand name "Vossloh" is still used for several products that are not, or are no longer, related to Vossloh AG. For example, Vossloh locomotives have been produced by
15515-402: The recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes . Feminist economists Ailsa McKay and Margunn Bjørnholt argue that the financial crisis and the response to it revealed
15660-488: The recovery was that both individuals and businesses paid down debts for several years, as opposed to borrowing and spending or investing as had historically been the case. This shift to a private sector surplus drove a sizable government deficit. However, the federal government held spending at about $ 3.5 trillion from fiscal years 2009–2014 (thereby decreasing it as a percent of GDP), a form of austerity . Then-Fed Chair Ben Bernanke explained during November 2012 several of
15805-461: The repo margin ("haircut"), forcing massive deleveraging, and resulting in the banking system being insolvent. The Financial Crisis Inquiry Commission reported in January 2011: In the early part of the 20th century, we erected a series of protections – the Federal Reserve as a lender of last resort , federal deposit insurance, ample regulations – to provide a bulwark against the panics that had regularly plagued America's banking system in
15950-499: The same house. Speculators that bought CDS protection were betting significant mortgage security defaults would occur, while the sellers (such as AIG ) bet they would not. An unlimited amount could be wagered on the same housing-related securities, provided buyers and sellers of the CDS could be found. When massive defaults occurred on underlying mortgage securities, companies like AIG that were selling CDS were unable to perform their side of
16095-442: The same or similar kind of metal. A modern blacksmith has a range of options and tools to accomplish this. The basic types of welding commonly employed in a modern workshop include traditional forge welding as well as modern methods, including oxyacetylene and arc welding . In forge welding, the pieces to join are heated to what is generally referred to as welding heat . For mild steel most smiths judge this temperature by color:
16240-454: The size and shape of the metal's crystals . The hardened bronze can then be ground to sharpen it to make edged tools. Clocksmiths as recently as the 19th century used work hardening techniques to harden the teeth of brass gears and ratchets . Tapping on just the teeth produced harder teeth, with superior wear-resistance. By contrast, the rest of the gear was left in a softer and tougher state, more capable of resisting cracking. Bronze
16385-407: The spread and keep the metal at the correct width. Or, if a smith needed to put a 90-degree bend in a bar and wanted a sharp corner on the outside of the bend, they would begin by hammering an unsupported end to make the curved bend. Then, to "fatten up" the outside radius of the bend, one or both arms of the bend would need to be pushed back to fill the outer radius of the curve. So they would hammer
16530-518: The stimulus measures such as quantitative easing (pumping money into the system) and holding down central bank wholesale lending interest rate should be withdrawn as soon as economies recover enough to "chart a path to sustainable growth ". The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery . Income inequality in the United States grew from 2005 to 2012 in more than two thirds of metropolitan areas. Median household wealth fell 35% in
16675-663: The stock market meant that household debt relative to assets held broadly stable, which masked households' growing exposure to a sharp fall in asset prices. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. By the end of 2011, real house prices had fallen from their peak by about 41% in Ireland, 29% in Iceland, 23% in Spain and
16820-547: The system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. Federal Reserve Chair Ben Bernanke testified in September 2010 before the FCIC regarding the causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off
16965-577: The three oldest Vossloh brothers; one headed the production plants in Werdohl, another led the Lüdenscheid factory, and the last brother was responsible for marketing and sales. In 1924, Vossloh acquired a wood processing plant in Dillenburg; by this time, Vossloh maintained more than 60 company-owned apartments that were rented at low prices to Vossloh employees. During 1927, Karl Vossloh developed
17110-498: The top investment banks during an April 2004 meeting with bank leaders. These banks increased their risk-taking shortly thereafter, significantly increasing their purchases and securitization of lower-quality mortgages, thus encouraging additional subprime and Alt-A lending by mortgage companies. This action by its investment bank competitors also resulted in Fannie Mae and Freddie Mac taking on more risk. The financial crisis and
17255-437: The top of the piece. Then the smith turns the hammer over to use the flat face to hammer the tops of the ridges down level with the bottoms of the indentations. This forces the metal to grow in length (and width if left unchecked) much faster than just hammering with the flat face of the hammer. Heating iron to a "forging heat" allows bending as if it were a soft, ductile metal, like copper or silver. Bending can be done with
17400-499: The vagaries of climate, and the increased corrosion-resistance conferred on iron by the presence of nickel. Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it
17545-520: The value of both stock markets and housing prices, fell $ 11.5 trillion (17.3%) and did not regain its pre-recession level of $ 66.4 trillion until Q3 2012. The number of persons with jobs (total non-farm payrolls) fell 8.6 million (6.2%) and did not regain the pre-recession level of 138.3 million until May 2014. The unemployment rate peaked at 10.0% in October 2009 and did not return to its pre-recession level of 4.7% until May 2016. A key dynamic slowing
17690-492: The water-sprite Lady Isp, who spits it between his shoulder blades, where it forms a womb-like cyst. Kurdalaegon prepares a type of tower or scaffold above a quenching bath for Xamyc, and, when the time is right, lances the cyst to liberate the infant hero Batraz as a newborn babe of white-hot steel , whom Kurdalægon then quenches like a newly forged sword. The Anglo-Saxon Wayland Smith , known in Old Norse as Völundr ,
17835-453: The word "recession" exist: one sense referring definitively to "a period of reduced economic activity" and ongoing hardship; and the more allegoric interpretation used in economics , which is defined operationally , referring specifically to the contraction phase of a business cycle , with two or more consecutive quarters of GDP contraction (negative GDP growth rate) and typically used to influence abrupt changes in monetary policy. Under
17980-417: The work to the fire. The weld begins with the taps, but often the joint is weak and incomplete, so the smith reheats the joint to welding temperature and works the weld with light blows to "set" the weld and finally to dress it to the shape. Depending on the intended use of the piece, a blacksmith may finish it in a number of ways: A range of treatments and finishes can inhibit oxidation and enhance or change
18125-687: The world, especially in the United States , France, the United Kingdom , Spain , the Netherlands, Australia, the United Arab Emirates, New Zealand , Ireland , Poland , South Africa , Greece , Bulgaria , Croatia , Norway , Singapore , South Korea , Sweden , Finland , Argentina , the Baltic states , India , Romania , Ukraine and China . U.S. Federal Reserve Chairman Alan Greenspan said in mid-2005 that "at
18270-454: The world, as they offered higher yields than U.S. government bonds. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. The emergence of subprime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. With loan losses mounting and
18415-453: Was a breach of an underlying obligation. Vossloh Rail Vehicles (formerly Vossloh España S.A. ) was acquired from Alstom c.2005. The former Meinfesa plant produced diesel electric locomotives as well as passenger multiple units, trams and bogies. The company's locomotive output has included the SNCF BB 460000 (in cooperation with Alstom ) and Vossloh Euro locomotives . During 2010,
18560-438: Was a historical distinction between the heavy work of the blacksmith and the more delicate operations of a whitesmith , who usually worked in gold , silver , pewter , or the finishing steps of fine steel. The place where a blacksmith works is variously called a smithy , a forge , or a blacksmith's shop . While there are many professions who work with metal, such as farriers , wheelwrights , and armorers , in former times
18705-662: Was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecast probabilities, which were still well under 50%. The recession was not felt equally around the world; whereas most of the world's developed economies , particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developing economies suffered far less impact, particularly China , India and Indonesia , whose economies grew substantially during this period. Similarly, Oceania suffered minimal impact , in part due to its proximity to Asian markets. Two interpretations of
18850-511: Was announced as sold to Stadler in late 2015. Vossloh Locomotives was sold to CRRC Zhuzhou Locomotive Co., Ltd., Zhuzhou, China (CRRC ZELC), a subsidiary of China Railway Rolling Stock Corporation Ltd. ( CRRC ) on May 31, 2020. Vossloh Kiepe GmbH produces electrical systems for light rail, trolleybuses and hybrid buses including electric propulsion and control, air conditioning and heating as well as passenger rail vehicle refurbishment and modernisation. The business (as Vossloh Electrical Systems)
18995-421: Was called the subprime mortgage crisis . The combination of banks being unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most other recessions, it appears that no known formal theoretical or empirical model
19140-549: Was diesel hydraulic locomotives of type Vossloh G1000 BB , Vossloh G1206 , Vossloh G1700 BB and Vossloh G2000 BB . The company's major orders included G1206/1700 variants for the French ( SNCF Class BB 61000 ) and Swiss railways ( SBB Am 843 ). A three axle shunting locomotive, type Vossloh G6 was introduced in 2008, in 2009 the company announced to the intention to offer diesel electric or diesel hydraulic variant of four axle centre cab locomotives in two power ranges: G 12 or DE 12 and G 18 or DE 18 (approximately corresponding to
19285-562: Was founded in 1990. On 13 June 1990, the shares of Vossloh AG were listed on the Düsseldorf Stock Exchange for the first time. During the 1990s, the reunification of Germany , and the opening of new markets in eastern Europe, resulted in additional demand for its rail fastening products on the former Deutsche Reichsbahn and elsewhere. Hoesch Maschinenfabrik Deutschland GmbH and W. Hegenscheidt GmbH , manufacturers of railway wheelset machining equipment, were acquired in
19430-456: Was paid out to major global financial institutions on behalf of AIG. While this money was legally owed to the banks by AIG (under agreements made via credit default swaps purchased from AIG by the institutions), a number of Congressmen and media members expressed outrage that taxpayer money was used to bail out banks. Economist Gary Gorton wrote in May 2009 Unlike the historical banking panics of
19575-995: Was rebranded as VTS Track Technology Ltd. due to the acquisition of Corus by Tata Steel and of Cogifer by Vossloh. Vossloh is a majority shareholder in a joint venture with the Argentine state owned infrastructure company ADIFSE called Vossloh Cogifer Argentina SA created in 2013, with a production plant located near the city of La Plata . Amongst turnouts and crossings, Vossloh manufactures manganese frogs, switch blade, switch actuators and locking devices, signalling products and rail monitoring systems. The Vossloh offer covers all fields of application: standard, high-speed, special and heavy-haul switches, as well as solutions for urban networks. The Lifecycle Solutions division of Vossloh provides track related services. This includes welding and transportation of long rails, maintenance and preventative care of tracks and switches and reconditioning and recycling of old rails. These services also cover
19720-483: Was sold (February 2007) to Funkwerk AG . The company continued to expand; its first acquisition in North America was Pohl Corp (switch manufacturer), followed by Cleveland Track Material Inc., both acquired in 2007. A 100 percent stake in the French rail infrastructure company (ETF) was also obtained in 2007. The same year, the company opened a rail fastening subsidiary in China. During 2008, Vossloh infrastructure services
19865-625: Was sold and the stake in Locomotion Service GmbH increased to 100%. A legal dispute between Vossloh and Alpha Trains was heard at the High Court in London concerning the difference in law between a guarantee and an indemnity . The case was determined in favour of Vossloh, the judge ruling that Vossloh's payment guarantee, which formed part of the agreement between the companies, was not payable on demand but only where there
20010-478: Was sold in late 2016 to Knorr-Bremse . Blacksmith A blacksmith is a metalsmith who creates objects primarily from wrought iron or steel , but sometimes from other metals , by forging the metal , using tools to hammer, bend, and cut (cf. tinsmith ). Blacksmiths produce objects such as gates, grilles, railings, light fixtures, furniture, sculpture, tools, agricultural implements, decorative and religious items, cooking utensils, and weapons. There
20155-561: Was sold to Knorr-Bremse in 2016. During late 2016, Vossloh acquired Rocla Concrete Tie, Inc., headquartered in Lakewood, Colorado from Altus Capital Partners II. Since 1986, the North American company mainly supplies customers in the US market with concrete thresholds. Around the same time, Vossloh has purchased the remaining 50% of the shares in the previous Alpha Rail Team joint venture. Vossloh has three divisions contribute to
20300-536: Was sold to the VINCI group of companies - that included the infrastructure parts of Cogifer SA, acquired in 2002, as well as Européenne de Travaux Ferroviaires SA. Further acquisitions of rail switch manufacturers took place: TLK Rail (Australia) in 2007, Sportek (Denmark) and Kloos Oving B.V. (Netherlands) in 2008, and the switch and rail manufacturing parts of the Nouva Sima Sud company (Italy) in 2009. In 2010,
20445-635: Was the god of metalworking, fire, and craftsmen. In Celtic mythology , the role of Smith is held by eponymous (their names do mean 'smith') characters : Goibhniu (Irish myths of the Tuatha Dé Danann cycle) or Gofannon (Welsh myths/ the Mabinogion ). Brigid or Brigit, an Irish goddess , is sometimes described as the patroness of blacksmiths. In the Nart mythology of the Caucasus
20590-571: Was the most severe economic and financial meltdown since the Great Depression . The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase
20735-402: Was the result." In May 2008, NPR explained in their Peabody Award winning program " The Giant Pool of Money " that a vast inflow of savings from developing nations flowed into the mortgage market, driving the U.S. housing bubble. This pool of fixed income savings increased from around $ 35 trillion in 2000 to about $ 70 trillion by 2008. NPR explained this money came from various sources, "[b]ut
20880-432: Was undertaken, management outside of the Vossloh family was brought in, rival company Schwabe GmbH was acquired and, on 1 December 1989, Vossloh-Werke GmbH became a public stock company or Aktiengesellschaft (AG). By the twenty-first century, Vossloh had developed into a global market leader both for rail fasteners and switch systems ; a series of acquisitions in the 1990s and 2000s had greatly bolsters its presence in
21025-637: Was undoubtedly applied to these metals. During the Chalcolithic era and the Bronze Age , humans in the Mideast learned how to smelt , melt , cast , rivet , and (to a limited extent) forge copper and bronze. Bronze is an alloy of copper and approximately 10% to 20% Tin . Bronze is superior to just copper, by being harder, being more resistant to corrosion, and by having a lower melting point (thereby requiring less fuel to melt and cast). Much of
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