Word: fruehauf
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Dates: during 1970-1979
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...fellows who just missed getting jobs making license plates will soon be back behind the wheel of the world's largest truck and trailer producer. Robert D. Rowan, 57, former president and chief executive of Detroit's Fruehauf Corp., and William E. Grace, 70, the former chairman, were convicted in 1975 of defrauding the Government of $12.3 million in excise taxes. Though both are stitt on probation, next month Rowan will return to his $440,000-a-year job and Grace will become chairman of Fruehauf s executive committee...
...overstated the company's excise tax credits and understated revenues. The men were originally sentenced to six months in prison, but later got reduced penalties. They were placed on two years' probation and ordered to do full-time community service work until early May. Last week the Fruehauf board voted that when those terms are up the two officers, who have reputations as big profitmakers, may return to the company from their unpaid leaves...
Well, not entirely. By 4:30 the first evening, the Pullman Trailmobile thé dansant for 4,000 was in full swing. Thereafter came such perennial draws as the Fruehauf Corp.'s mighty two-night bash, for which they trucked in Count Basie and band, as well as a disco combo, plus dance instructors to help unlimber the foxtrot generation; Thermo King's "Saloon," featuring the Great Jubilee Banjo Band and drawings for a radio-controlled miniature tractor-trailer for someone's lucky kid; and, of course, Mack Trucks' elegant soirée in the Trianon...
...weeks ago Fruehauf Corp the producer of truck trailers, threw in the hammer and joined a long parade of big companies out of the modular-housing field. In the last year or so ITT Levitt, Florida Gas Co., Potlatch Forests Inc., Hercules Inc. and Wickes Corp along with a score of smaller firms, also pulled put of the industry. Last year Florida's Behring Corp. cut its losses and closed down the nation's largest house-building plant. Beset by production and marketing troubles, another industry leader, Stirling Homex, crashed into bankruptcy seven months...
...foreign or economic problems under control-but they also doubt that anyone else would do better. Some company officers still nurse scars of the 1970 recession, which resulted from Nixon's earlier attempts to stop inflation by slowing the economy. Says Robert Rowan, president of Detroit-based Fruehauf Corp.: "It was a hell of a lot easier to make money under Johnson than it has been under Nixon. The last three years have been anything but a lark...