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SIEBE TO ACQUIRE FOXBORO CO.

Siebe PLC, a British security systems engineering group, has agreed to acquire Foxboro Co., a U.S.-based manufacturing equipment maker, for $656 million, the companies said today.

Siebe is offering $52 a share for Foxboro's 12.62 million outstanding shares, the companies said.

Foxboro, which makes equipment that automatically controls industrial processes, will remain headquartered in Foxboro, Mass., and will operate as an independent subsidiary, said Barrie Stephens, vice-chairman and chief executive of Siebe.

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