Peoria, Illinois-based Caterpillar, they point out, has a history of either growing organically or through smaller acquisitions.

We'll keep on growing organically in Europe.

In some instances, it can be avoided by growing organically from sales to clients, or in other words, bootstrap.

Prudential has reverted to its previous strategy of growing organically by channelling investment towards its lucrative Asian markets, complemented by occasional small acquisitions.

Prudential has reverted to its previous strategy of growing organically by channeling investment toward its lucrative Asian markets, complemented by occasional small acquisitions.

Brodsky, whose company reports first-quarter earnings later this week, has not ruled out mergers, but has said he is currently focused on growing organically.

Although the focus remains in growing organically in the world's largest economy, "acquisitions can't be ruled out at all," Toledo said in a news conference.

Sulzer has been growing organically by 8% over the last 18 months, and with acquisitions it's another 4 percentage points.

Jany said Clariant would focus on growing organically but would consider some small acquisitions in the range of 100 to 400 million Swiss francs.