British engineering conglomerate and city darling, Siebe Plc has added another to its 130 strong group with the purchase of APV Plc, a UK food and beverage equipment maker. Siebe is on a mission to maintain its reputation as a growth stock; it has declared its intention to grow profits by 15% annually and acquisitions are a key part of this strategy. Siebe is one of the global leaders in control systems for automating industrial plants, mainly through its giant high tech US unit Foxbro Co, purchased in 1990 for 580m pounds. Shares moved up nine pence to 967 pence on the news.
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