Industry giant Weinstock dies

LORD Weinstock, Britain's premier industrialist of the post war era, died at his London home on Tuesday after a brief illness at the age of 77.

As managing director of GEC from 1963 to 1996, Arnold Weinstock built the company into an industrial colossus which employed 90,000 people in British manufacturing and bestrode the globe.

His advice as an industrialist, defence expert and political player was sought by Prime Ministers ranging from Harold Wilson - who saw him as representing the 'white hot heat' of British technology - to Mrs Thatcher who ennobled him.

But his latter years were marred by tragedy in both his personal and business life. In 1996 his son Simon, who was the commercial director of GEC, died of cancer.

And when Weinstock stepped back as managing director at GEC, he saw his successors set off on a madcap dash into the telecoms industry, resulting in the dramatic decline of the empire he had built.

GEC's biggest business, the power company GEC Alstom, was sold off to its French partners. The defence subsidiary GEC Marconi, which had been run by his son Simon and dominated Britain's naval and aviation platforms, was sold to British Aerospace - GEC's oldest rival as a defence contractor.

Weinstock's successors, Lord Simpson and John Mayo, used the £3bn warchest which for decades had been GEC's fabled weapon against economic recession, to buy under the Marconi name telecoms assets around the world.

The share price soared to £11, lifting the value of the company to £35bn at its peak. But when the technology bubble burst last year Marconi shares went into freefall. Last night they were trading at just 4p, valuing the whole company, burdened with debts of £3bn, at just £111m.

Despite the sharp fall in share price, Weinstock refused to sell his family shares believing that to have done so would further undermine confidence in the company. As a result, much of his personal wealth will have been wiped out.

A youngster born to Jewish immigrant parents in North London, Weinstock had been evacuated to the Midlands countryside during World War Two. He later won a scholarship to the London School of Economics to read statistics. After a brief spell in the Navy, he moved into the London property world where he met his future father-in-law Michael Sobell.

Together they became the first businessmen to recognise the commercial opportunity of television. Their Radio & Allied Company made a series of bold takeovers culminating in GEC. Weinstock was also one of British horse-racing's most important owners, winning the Derby in 1979 with Troy.

Weinstock is survived by his wife Netta, daughter Susan and four grandchildren.