Siebe proceeded to galvanise Foxboro, transforming a somewhat academic operation, stuffed with PhDs, into a commercial, go-getting thorn in the side of Honeywell as it scorched over its previously sacred turf.
An aggressive advertising campaign incensed Honeywell. Foxboro's campaign depicted the rest of the industry as lumbering dinosaurs heading for extinction. Honeywell responded with some unflattering descriptions of Foxboro in its sales training material.
Litigation resulted but both sides have now desisted. Quite why Honeywell was worried was underlined by yesterday's news that Foxboro had landed pounds 36m worth of contracts for its products. With the US recovering, forecasts for 1994/5 suggest Siebe is on a p/e of only 15 at 588p, leaving scope for further outperformance.Reuse content