galvor
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Galvor Company, founded by M. Georges Latour in 1948, is a fabricator of electric and electronic measuring and test equipment. In 1974, Galvor was acquired by Universal Electric Company for $4.5 million worth of UE's stock. M. Latour then became chairman of the board of Galvor Company and David Hennessy, who has been with Universal for nine years, was appointed as its managing director.
As part of UE's management and control system, all of its business units are required to present and submit an annual Business Plan. This comprehensive document serves as the primary standard for evaluating the performance of unit managers. Due to lack of financial records and formal planning and control systems by Galvor's previous owners, the current management team is experiencing difficulty complying with Universal's requirements.
STATEMENT OF THE PROBLEM:
Should Galvor's financial planning & control system be any different from Universal Electric's?..