Dairy processing equipment manufacturer APV is not one of the companies being sold off by owner Invensys as it attempts to clear a e4.9 billion debt.
However, Invensys has brought together APV Baker, APV Products and APV into one company. The dairy sector makes up 61% of APV’s annual turnover.
The news came after an Invensys strategy review in February. In an announcement, the company said that it is to sell off a third of its business (valued at e3.8 billion) before March 2003.
In the shake up, Invensys has changed its structure from four divisions to two core divisions – production management and energy management. APV will be part of the production management division. This will be headed by Leo Quinn, who will be chief operating officer for the division. He was previously division chief executive for Invensys Software Systems.
Two smaller divisions have been created. The development division consists of companies that may be sold off in the future. The industrial components and systems division is made up of departments Invensys aims to sell by March 2003.
Invensys issued two profit warnings last year.