Krupp

Friedrich Krupp AG Hoesch-Krupp (formerly Fried. Krupp AG and Friedrich Krupp GmbH), trading as Krupp, was the largest company in Europe at the beginning of the 20th century as well as Germany's premier weapons manufacturer during both world wars. It produced battleships, U-boats, tanks, howitzers, guns, utilities, and hundreds of other commodities. The company also produced steel used to build railroads in the United States and to cap the Chrysler Building. After the Nazis seized power in Germany, Krupp supported the regime and was one of many German businesses that profited from slave labor during World War II. Upon the war's end, the head of the company, Alfried Krupp, was tried and convicted as a war criminal for employing prisoners of war, foreign civilians and concentration camp inmates under inhumane conditions in support of the Nazi war effort. Despite being sentenced to imprisonment for twelve years, he served just three and was pardoned (but not acquitted) by John J. McCloy. As a result of this pardon, all of Krupp's holdings were restored. In the years following the Third Reich's collapse, Krupp rose once again to become one of the wealthiest companies in Europe. However, this growth did not last. In 1967, an economic recession resulted in significant financial losses for the business. In 1992, the company went public for the first time upon merging with Hoesch AG. In 1999, it merged with Thyssen to form ThyssenKrupp. Controversy has dogged the Krupp company. Being a major weapons supplier to multiple sides throughout various conflicts, it was blamed for the wars themselves or the degree of carnage that ensued. Its involvement in Nazi Germany has been widely condemned.