By Tracey Regan
Special to the Stevens News Service
The years following World War II were a time of unprecedented growth in the United States, but curiously, one in which small and mid-sized companies faced capital constraints, from conservative bank lending policies, limited access to debt and equity markets and a dearth of pooled private equity funds.
But Seymour Gussack, ME ’45, an enterprising bearings manufacturer from New York, was undaunted by these financing hurdles. In a pioneering move, decades before the Internet, cheap air travel and ready access to international capital markets ushered in the current era, he globalized.
Gussack said it became clear to him soon after founding his business in the early 1950s that he had the industry know-how and marketing savvy, but not the production capacity, to meet rising demand. His subsequent search for additional bearings to sell took him to all corners of the globe, including countries considered unknowable and inaccessible to many in the West.
He was one of the first American manufacturers to form business alliances in the Soviet Union and satellite countries such as Poland and Yugoslavia.
And his early interest in China led him to make a key contact there with another ambitious up-and-comer: Shanghai mayor Jiang Zemin, who went on to become Communist Party chief and then the country’s president. (more…)