NEUILLY-SUR-SEINE, France, Jan. 12, 2015 /PRNewswire/ -- Bureau Veritas has finalized the acquisition of a 70% equity stake in Ningbo Hengxin Engineering Testing Co., Ltd ("Ningbo Hengxin"), a Chinese company specialized in non-destructive inspection and metallurgical testing.
Founded in the 1970s, the company is based in Ningbo, one of the economic hubs of Zhejiang province. Ningbo Hengxin is located in Zhenhai Petrochemical and Refinery Center, one of the largest petrochemical clusters in Asia. Ningbo Hengxin provides services to the oil and chemical industry principally in eastern China. It employs more than 330 people with a revenue of around EUR 16 million in 2014.
This second acquisition in China since the beginning of the year reinforces the current presence of Bureau Veritas into the industrial equipment and infrastructure inspection Chinese market sector, and allows it to take full advantage of the strong growth of this sector.
"Ningbo Hengxin is a long-standing partner of the giants of the Chinese petrochemical industry. This latest acquisition gives us additional capacity in industrial testing so that we can develop our activities in this sector and support our expansion into eastern China," said Didier Michaud-Daniel, CEO of Bureau Veritas.
"We are proud to join an international group with an excellent reputation, which will allow us to diversify our activities, provide more services to our customers and create a broader platform of career development for Ningbo Hengxin employees," said Ms. Qunying Zhong, Chairman of the Board of Directors of Ningbo Hengxin.
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 66,000 employees in around 1,400 offices and laboratories located all across the globe. Bureau Veritas helps its clients to improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility. Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, go to www.bureauveritas.com