Bureau Veritas Accelerates M&A and Strengthens Its Position in the Electrical and Electronics Consumer Products Testing in South and North-East Asia
20 March 2024 - 6:50PM
Business Wire
Signature of definitive agreements to
acquire two companies in Korea: “ONETECH CORP.” and “KOSTEC Co.,
Ltd” and of “Hi Physix Laboratory India Pvt. Ltd” in India.
Bureau Veritas, a global leader
in the Testing, Inspection and Certification (TIC) industry,
has signed definitive agreements to acquire three players to
diversify its position in testing and certification services for
the Electrical and Electronics consumer products segment in South
and North-East Asia, for a combined revenue of c.€20 million in
2023.
“ONETECH CORP.” and “KOSTEC Co., Ltd”, provide services
to a wide portfolio of domestic clients in Korea, including large
manufacturers, exporters, and brands for electrical and electronic
products, household appliances, and new mobility products. These
companies employ around 200 people across their various
laboratories.
“Hi Physix Laboratory India Pvt.” is an electrical and
electronics products testing and certification services laboratory
in India, covering a large range of products including electrical
and electronic products, household appliances and solar equipment.
The Company has a diverse portfolio of services from testing,
calibration, photometry and certification with a highly competent
technical staff of 115 and a facility in Pune, Maharashtra
state.
These acquisitions enhance Bureau Veritas’ Consumer Products
Services presence in South and North-East Asia, entering a large
and growing domestic market with increasing regulatory requirements
for quality, reliability, safety and energy efficiency. They
significantly strengthen Bureau Veritas’ Consumer Products Services
presence in Korea, diversifying its current existing platform in a
growing Technology market, and complement Bureau Veritas Consumer
Products Services offering in India.
Hinda Gharbi, Chief Executive Officer of Bureau Veritas,
commented: “We are delighted to welcome both ONETECH Corp. and
KOSTEC Co., Ltd in Korea and Hi Physix Laboratory India Pvt. Ltd in
India. With the reconfiguration of supply chains, global sourcing
shifts, and with customers investing in fast-growing R&D
markets, it is critical for us to accompany these transformations.
Korea being one of the fastest-growing exporters of Technology
products across various segments, and India being one of the
fastest-growing technology markets, these countries are an
important platform for our growth in Asia. Acquisitions play a key
role in our portfolio strategy as we accelerate our ambition to
expand our leadership and build new strongholds in strategic
markets.”
About Bureau Veritas Bureau Veritas is a world leader in
inspection, certification, and laboratory testing services with a
powerful purpose: to shape a world of trust by ensuring responsible
progress. With a vision to be the preferred partner for customers’
excellence and sustainability, the company innovates to help them
navigate change. Created in 1828, Bureau Veritas’ 83,000 employees
deliver services in 140 countries. The company’s technical experts
support customers to address challenges in quality, health and
safety, environmental protection, and sustainability. Bureau
Veritas is listed on Euronext Paris and belongs to the CAC 40 ESG,
CAC Next 20, SBF 120 indices and is part of the CAC SBT 1.5° index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI. For more
information, visit www.bureauveritas.com, and follow us on
X/Twitter (@bureauveritas) and LinkedIn.
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ANALYST/INVESTOR
Laurent Brunelle +33 (0)1 55 24 76 09
laurent.brunelle@bureauveritas.com
Colin Verbrugghe +33 (0)1 55 24 77 80
colin.verbrugghe@bureauveritas.com
Karine Ansart +33 (0)1 55 24 76 19
karine.ansart@bureauveritas.com
MEDIA
Anette Rey +33 (0) 6 69 79 84 88
anette.rey@bureauveritas.com
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