VEO_VENGBureau Veritas enters the Chinese
automotive homologation market
Neuilly-sur-Seine, France, May 13, 2016 - Bureau Veritas is pleased to announce the acquisition of the majority shareholding in Hangzhou VEO Standards Technical Service Co. Ltd. ("VEO"), an automotive conformity assessment body based in China.
Established in 2003, VEO provides homologation and technical support services for full vehicles and automotive systems and components in order to verify they comply with applicable requirements on global markets. VEO is a leading partner to many Chinese automotive brands and parts suppliers, helping them successfully access China's major trade partners.
VEO's main location is Hangzhou and the company additionally has a testing laboratory in Wuhan, as well as representative offices in Brazil, India and Indonesia. It employs 70 people and generated estimated revenues of EUR 8.5 million in 2015.
"The partnership with VEO will allow us to enhance our offering to the Asian automotive OEMs and the supply chain, fully supporting our ambition to strengthen our position in the automotive market. By leveraging VEOs services and Bureau Veritas capabilities, we can offer a true one-stop solution for both domestic and export markets" commented Didier Michaud-Daniel, CEO of Bureau Veritas.
"The collaboration with Bureau Veritas is a major mile-stone for VEO in enabling us to offer a complete service portfolio. I look forward to exploring the many cooperation opportunities that lie ahead and further supporting the automotive marketplace in Asia and beyond" stated Nickle Luo, General Manager of VEO.
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has 66,000 employees in 1,400 offices and laboratories around the globe. Bureau Veritas helps its clients 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, visit www.bureauveritas.com
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