CF loss; new chief
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CRANE FRUEHAUF last year lost £310,000 in Britain against a 1976 profit of £1,510,000 amid accusations that proper accounting procedures were not maintained in subsidiary companies.
And following the results, Fruehauf International president George F. Malley has relinquished the post of managing director of Crane Freuhauf Ltd andPhillip Croft, former senior UK executive has taken over as md of the company and joins the Fruehauf board.
The results were prepared using the company's former accounting methods and auditors Coopers and Lybrand commented that, in their opinion "proper accounting records had not been maintained in certain companies".
Fruehauf says in a statement that the "action has been taken" to ensure that the company returns to profitability