More certification: Tüv Rheinland Holding AG, Tüv Süd AG to merge
A merger will combine technical services with testing, inspection, certification, and training by year end 2008.
Cologne and Munich, Germany, and Newtown, CT – TÜV Rheinland Holding AG
TÜV Rheinland Holding AGand TÜV SÜD AG are planning a merger to form an internationally powerful technical services group with the core competencies of testing, inspection, certification, and training by the end of 2008.
The new company is expected to employ about 25,000 people worldwide and achieve sales of more than EUR 2.2 billion, according to announcements from the CEOs of TÜV Rheinland and TÜV SÜD at two joint press conferences in Düsseldorf and Munich this month. The project is subject to approval by antitrust authorities and relevant committees of the associations and the groups. Both CEOs said the merger will not result in job losses.
nd. “The merger gives us significantly greater international capability and reach. We will become even more attractive as an employer for qualified specialists and managers.”
TÜV SÜD CEO, Dr.-Ing. Axel Stepken, said, “This merger is about international growth. Through the planned merger, we are creating one of the biggest and most efficient groups for testing and certification, both nationally and internationally. Already today, significant shares of the sales of both companies come from outside Germany. Combining our strengths will enable us to faster access and expand international growth markets.”
Braun (65) will head the managing board of the new group. His deputy and designated successor is Stepken (49). The handover is set for January 1, 2010. Braun will then become chairman of the supervisory board.
A joint foundation will hold shares in the new group as an inalienable, neutral, and independent third party. The purpose of the foundation is the promotion of the next generation of engineers. The merged associations and the foundation will be located in Cologne and the headquarters of the merged group in Munich.
The timetable calls for due diligence and initiation of reviews to be in place by May of this year, as a basis for the approvals of the relevant committees. After approval by the boards of directors and membership meetings of the associations, the general meetings of the AGs will be asked for approval of the merger by the end of June, 2008. The merger of the associations is scheduled to follow approval by antitrust authorities.
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