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Crown Corporation: 대규모투자의 자
금 조달

1969년 2월, 크라운 사의 자금 담당자 월터 베넷은 몇 가지 투자자금 조달방안을
고려

중이다. 크라운 사는 지금 기초알루미늄괴(Primary Aluminum Ingot) 생산공장을 세

워 이 전방

생산공정을 기존의 후방공정과 통합시키는 작업을 결정하였다. 이 투자 결

정은 대규모의

자본 지출을 요구한다. 크라운 사는 전방과 후방의 공정 통합으로

일괄생산체제를 구축하여

전반적인 효율성을 크게 증대시킬 수 있다고 믿고 있다. 대

규모 기초알루미늄괴 공장은

에아스탈코(Eastalco)라 명명되었고 이 공장의 완성을

위해 필요한 자금과 운전자본은 현재 회사가 보유하고 있는 현금 보유액을 초과하고 있
다. 우선 1969년도 자금 부족분을 충족시키기 위해 $30M를 6개월 이내에 조달하여야
한다. 베넷은 이런 투자결정이 배당감소로 이어져서는

안 된다고 믿고 있으며 회사의

주당 70Cent 배당률은 유지한다는 가정하에 즉각적이고 장기적인 자금 조달이 이뤄지기를
희망하고 있다.
크라운사 소개
원래 광산회사이던 크라운 사는 1960년대 넉넉한 자금을 이용하여 알루미늄 관련사
등을 M&A하여 그 후 항공기 및 산업용 소비 목적의 초합금 주물(Super Alloy Castings)
과 건물,

포장, 항공산업에 사용되는 알루미늄제품(Aluminum Fabricated Products)의 생

산업체로

탈바꿈했다. 현재 크라운 사의 매출은 크게 주물과 알루미늄제품에 반반

씩 의존하고 있다.
우선 매출의 반을 차지하는 크라운 사의 주물 생산품은 고온의 가스 터빈 엔진에서


잘 견딜 수 있도록 설계되었다. 대부분의 설계는 비행기 엔진 제조업자에 의해

미리 설계된

것이며 크라운 사는 이를 가지고 작업에 착수하게 된다. 비행기 제조업체

들은 더 큰 추진력을
엔진작동온도도

얻기 위해 엔진을 더욱 고성능화할 것을 요구하였으며, 이에 따라
화씨 2,150도로 높아 졌다. 따라서 크라운 사의 주물 생산품

들은 이 온도에서 제대로 작동

되어야만 했다. 고온은 터빈의 날개와 날개의 날

에 대한 정밀한 주물의 사용을 요구한다.

Crown Corporation: 투자자금 조달사례

1

따라서 주물 작업과 관련하여 고도의 기술과 노하우가 요구되었으며, 주물사업의
성공여부는 다분히 까다로운 기준의 충족과 낮은 불량률의 달성에 달려있다고 볼 수 있
다.

크라운 사는 이를 충족시켰으며, 크라운 사의 품질관리와 기술에 대한 우월성과

이를 달성하기 위한 꾸준한 노력은 고객들로부터 신뢰를 쌓아 나가기에 충분했다. 크라
운 사의 성능과 품질에 대한 엄격한 기준 유지와 노력은 크라운 사가 지난 10년간 미국
제트엔진 프로그램 대부분에 참가할 수 있었던 원동력이었다
표 A. 크라운의 기초 알루미늄 소비, 생산, 매출


(단위: 백만 파운드)







연도

1965

1966

1967

1968

1969

1970

1973

조립공정에서의 기초알루미늄괴 필요량

94

107

116

135

160

185

290

Intalco (기초알루미늄괴 생산량)

0

16

69

88

130

130

130

Eastalco (기초알루미늄괴 생산량)

0

0

0

0

0

85

170

크라운사의 기초알루미늄괴 총 구매량

94

91

47

47

30

(30)

(10)

크라운의 매출의 나머지 절반은 건설자재용 알루미늄제품을 포함한 다양한 형태의

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