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Horn from Dragør salvage guild. The horn was used to call the members of the salvage guild to work when a vessel was grounded in the area. communities who, at a time when salvage required more pulling power and technical knowledge, needed SVITZER’s capabilities and professional expertise. FROM FAMILY BUSINESS TO LIMITED COMPANY The growth in competition had created a need for more capital in order to expand the business and in 1872 SVITZER allied itself with C.F. Tietgen to achieve this. Tietgen was the leading business man of the time in Denmark and wielded signifi cant political infl uence. He was known for modernising businesses and raising capital by establishing limited companies. He was the founder and chairman of the board of several of the biggest limited companies in Denmark at the time – among others the telegraph company Store Nordiske Telegrafselskab, the shipping company DFDS, the shipyard and engine manufacturer Burmeister & Wain and the brewery Tuborg. As chairman of the board of SVITZER, Tietgen raised capital by turning the old family business into a limited company. It was also during Tiegen’s tenure that SVITZER introduced the Maltese cross as the company’s trade and funnel-mark. The transition to a limited company was not as drastic a change for SVITZER as might have been expected. There were to be only a few named shareholders and their shares could not be sold without the acceptance of the general assembly. Furthermore it was decided that leading people in the company were to have shares so that they – together with Em. Z. Svitzer and the board members – would own the majority of the shares in the company. On 1st January 1872 the entire salvage equipment of SVITZER was sold to the limited company Em. Z. Svitzers Bjergningsentreprise A/S for 220,000 rix-dollars – a price below the estimated value of the equipment of the company assessed at 227,000 rix-dollars. The share holding was divided into 80 shares each of 5,000 rix-dollars. Em. Z. Svitzer himself had seven shares, his staff had 26 and the board 11, in total 44 shares giving them the majority interest in the company. Em. Z. Svitzer remained the managing director and the company continued to be led by him and a close circle of trusted friends and colleagues. The capital raised was used for new equipment and four salvage vessels – KATTEGAT, DROGDEN, FREDERIKSHAVN and HERTHA. This expansion of the fl eet enabled vessels to be stationed at Esbjerg, Thyborøn, Korsør, and The Svitzer family gathered on the porch at the family plantation Little Princess, St. Croix 1895 or 1896. At this time the company was still family led. S V I T Z E R – S A F E T Y A N D S U P P O R T AT S E A 25


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