TUV SUD will Invest a Further S$70 Million Over Next Six Years and Build
Singapore into Regional Competency and Testing Centre
SINGAPORE, March 27 /Xinhua-PRNewswire/ -- Leading technical services
provider TUV SUD today announced that it is acquiring PSB Corporation (PSB
Corp) and PSB Certification (PSB Cert) as part of its expansion in Asia
Pacific. TUV SUD and PSB will combine strengths to create a new entity based
in Singapore that will offer a complete range of testing, certification,
consulting and education services across Asia, and the world.
The deal will be formally inked at a signing ceremony between TUV SUD
ASIA-PACIFIC and SPRING Singapore (the Standards, Productivity and Innovation
Board) this afternoon. CEO and President of TUV SUD in Asia Pacific Dr.
Ruprecht Schattner said, "PSB is a superb and strategic fit for TUV SUD
because we have complementary product offerings and we share many traits,
including a common public sector heritage, technical expertise, a strong
client base, unswerving commitment to quality and a driving ambition to move
forward. Our synergies place us well to capture the vast opportunities in
Asia for testing, certification, consulting and training."
"We have found a good partner in TUV SUD -- with a solid track record,
strong capabilities and a global network of resources," said Mr Loh Khum Yean,
Chief Executive of SPRING Singapore and Chairman of PSB Holdings. "We are
confident that TUV SUD's firm commitment to grow these two businesses in
Singapore and regionally will enable them to grow even faster moving forward.
This collaboration will synergise the strengths of both parties."
PSB Corp and PSB Cert's sale to TUV SUD is part of Singapore government's
plan to divest government-owned companies in line with the "Yellow Pages
Rule". On the basis of this rule, the government will divest all its non-
core, non-strategic businesses which have alternative service providers in the
private sector. The Ministry of Trade and Industry (MTI) and SPRING Singapore
have previously stated that the two PSB businesses are ripe for divestment as
they are now well-established with proven track records.
TUV SUD is among the world's top three providers of technical services
relating to product quality, safety testing and compliance, management system
certification, training and engineering consultation. Founded almost 150
years ago, the company now has 130 offices and more than 10,000 skilled
specialists around the world, realising sales of more than EUR 1 billion
(approximately S$ 2 billion) in 2005.
PSB Corp enables organisations to achieve higher productivity, quality and
efficiency from better coordination, best-in-class training, shorter time to
market, global implementation and continued support. It has core businesses
in product testing, technology and academy & consulting. PSB Corp is one of
the most comprehensive testing houses in Asia. It helps companies gain access
to global markets by meeting international standards and compliance
requirements.
PSB Cert is Singapore's national certification body and market leader in
systems certification which is an assessment of an organisation's management
system(s) in compliance to standard(s). With some 20 years experience, PSB
Cert has built itself up into an internationally recognized symbol of quality,
assisting organisations in developing effective management systems for greater
competitiveness.
Together with PSB's established leadership in testing, certification and
training, the new Group will put its complementary strengths together to build
Singapore into the testing centre for Asia. Singapore will also become TUV
SUD's regional competency centre and hub for South East Asia.
Among its strengths, would be the combined know-how and expertise from the
integrated companies. TUV SUD will be able to tap into PSB's combined talent
pool of 800 employees. "At TUV SUD, we value employees and human capital as
important assets. Having a large pool of qualified employees is vital and
helps us to be well-poised to seize the opportunities presented by this
exciting and fast growing region," said Dr Schattner.
TUV SUD has also announced that it will be investing S$70 million over the
next six years to allow the Group to remain on the cutting edge of innovation
after the companies come together. These funds will be used to train
employees, start know-how transfer programmes, increase management skills,
maintain and acquire cutting-edge equipment and ensure compatibility of
systems and processes.
These funds will also be used to develop new competencies in advanced and
emerging sectors such as biotechnology, gene technology, nanotechnology,
hydrogen technology, micro-electronics, automation, telecommunications and
pharmaceuticals.
The new Group will be able to offer a greater variety of Asia-customised
accreditations across a wider range of industry sectors. Customers can expect
to benefit from reduced accreditation fees and stronger global key account
management abilities.
The new Group will also be able to cross-sell each companies' services to
their respective customers -- TUV SUD's vast range of services can be
customised to suit PSB's current portfolio of customers and companies in a
South East Asia; while PSB's services will reach new markets in North East
Asia and South Asia where TUV SUD has a strong presence. These services will
also be marketed to TUV SUD's European and American customers.
After the integration, the new Group will have presence in Singapore,
China and Hong Kong, India, Indonesia, Vietnam, Japan, Korea, Malaysia, The
Philippines, Qatar, Sri Lanka, Taiwan, Thailand and the UAE.
On the branding of the future entity and its products, Dr Schattner said,
"TUV SUD recognises the strength and value of PSB brands across Asia. We want
to ensure that the legacy of the PSB brand will continue to flourish."
More information on the new entity is available at http://www.tuv-sud-psb.sg .
About TUV SUD and TUV SUD ASIA-PACIFIC
TUV SUD is a leading international service organization catering to the
business segments INDUSTRY, MOBILITY and PEOPLE. With over 10,000 employees,
it is represented worldwide at more than 500 locations. As partners in our
customers' processes, our specialist teams ensure that technology, systems and
know-how are optimized, thus strengthening our customers' global
competitiveness. More information is available at http://www.tuv-sud.com .
TUV SUD's activities began in Asia in 1989. Today TUV SUD Asia-Pacific
has over 1,000 employees. It has subsidiaries in China, Hong Kong, India,
Japan, Korea, Malaysia, Qatar, Sri Lanka, Taiwan, Thailand, The Philippines,
United Arab Emirates and Vietnam.
About SPRING Singapore (Standards, Productivity and Innovation Board)
At SPRING, we work to enhance the competitiveness of enterprises for a
vibrant Singapore economy. Our focus is to champion enterprise formation and
growth -- through our network of valued relationships and resources -- to
nurture a host of dynamic and innovative Singapore enterprises.
We work with our partners to nurture a pro-business environment that
encourages enterprise formation and growth, and facilitate the growth of
industries. We also help to enhance the productivity and innovation and
capabilities of enterprises, and increase access to markets and business
opportunities. Please visit http://www.spring.gov.sg for more information.
About PSB Corp
PSB Corp is a well recognised business solutions provider that offers
academic courses, corporate training, consultancy, product testing and product
certification services, product and process development and improvement
services, systems automation as well as product certification. With more than
20 years of experience in each of the core businesses, PSB Corp has built its
reputation on the excellent quality services provided to its customers. More
information is available at http://www.psbcorp.com .
About PSB Cert
PSB Cert is Singapore's market leader in management system certification.
With more than 15 years of experience, PSB Cert has gained acceptance in the
local and regional markets as an experienced certification body authorised to
certify quality standards. More information is available at http://www.psbcert.com .
Contact:
Catherine Ling
Fleishman-Hillard
Tel: +65-6424-6364
Email: lingc@fleishman.com
Liz Schulten
TUV SUD Asia-Pacific Holding Ltd.
Tel: +852-6053-8732
Email: liz.schulten@tuv-sud.hk
Lim Phay-Ling
SPRING Singapore
Tel: +65-6279-3139
Email: lim_phay_ling@spring.gov.sg
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