TÜVRheinland® and TUV SÜD Withdraw Merger Application
NEWTOWN, CT/Jan. 2, 2009 - The management boards of TÜVRheinland® and TÜV SÜD have withdrawn their application for a merger from Germany's regulatory authority Bundeskartellamt. The two companies first began merger talks in February of last year.
Company officials made the decision to withdraw their application because the new conditions to meet regulatory requirements made it unwieldy to proceed with the merger as planned.
"Although such a merger would have been an exciting proposition, TÃœV Rheinland Group is well positioned in North America, and management will continue to grow the company's footprint in this important global region in 2009. We have great confidence that our North American operations will continue to be successful as we move forward." said TUV Rheinland North America Holding Company's President and CEO Stephan Schmitt.
TÃœVRheinland's operations in North America have grown at an accelerated rate this year by offering a broader range of services to the business community. The company acquired two materials testing firms: Unified Testing Services in July and Non Destructive Testing this past December. Additionally, TUV Rheinland started a new joint venture with Arizona State University in October to establish TUV Rheinland PTL, the largest photovoltaic and solar equipment testing center in North America.
About TÜVRheinland®
TÜVRheinland® delivers premier independent inspection, testing, assessment, certification and consulting services to help companies gain access into global markets. Boasting an international network across six continents, the company's in-country experts ease the path to compliance with cost-effective pricing and quick turnaround times. The $1.5 billion corporation is comprised of an international network of more than 12,500 employees in 62 countries and serves most industry sectors and markets worldwide. For more information, visit www.us.tuv.com.
PRESS CONTACTS:
Renee Rosiak
Melissa LoParco
Catalyst Marketing Communications, Inc.
(203) 348-7541
Virginia Palmer-Skok
Marketing Manager
TÜVRheinland®
(203) 428-0666
