Siebe Plc has reported its interim results for the six months to September 30 with turnover up 3% to UKP683.7m, and pre-tax profits of UKP101.4m, an increase of 12.4% on the same period last year. The engineering group acquired the Foxboro Co of Foxboro, Massachusetts earlier this year for $656m (CI No 1,509), and added process controls to its range of control products. However, initial rationalisation measures have included the closure of the UK plant with the loss of 600 jobs, and manufacturing is now concentrated in three rather than five US locations. European engineering and services are consolidated in Germany, and Siebe plans to reduce worldwide headcount from 6,400 to 4,800 by March next year. Siebe has decided to write off some UKP10.7m of goodwill, and with net assets of UKP564.4m and borrowings of UKP583.6m, the gearing ratio is 103.4%. The controls division, which includes Foxboro, Ranco and Barber-Colman, contributed some UKP399m to overall turnover, and the company says that the second half has started with a sound order book, despite difficulties in US and UK markets.
