This will be for the Electrical and Electronics consumer products segment in South and North-East Asia, for a combined revenue of €20 million in 2023.
Onetech and Kostec provide services to a wide portfolio of domestic clients in Korea, including large manufacturers, exporters, and brands for electrical and electronic products, household appliances, and new mobility products. These companies employ around 200 people across their various laboratories.
Hi Physix Laboratory is an electrical and electronics products testing and certification services laboratory in India, covering a large range of products including electrical and electronic products, household appliances and solar equipment. The Company has a diverse portfolio of services from testing, calibration, photometry and certification with a highly competent technical staff of 115 and a facility in Pune, Maharashtra state.
These acquisitions enhance Bureau Veritas’ Consumer Products Services presence in South and North East Asia, entering a large and growing domestic market with increasing regulatory requirements for quality, reliability, safety and energy efficiency. They significantly strengthen Bureau Veritas’ Consumer Products Services presence in Korea, diversifying its current existing platform in a growing technology market, and complement Bureau Veritas Consumer Products Services offering in India.
Hinda Gharbi, Chief Executive Officer of Bureau Veritas, commented: “We are delighted to welcome both Onetech and Kostec in Korea and Hi Physix Laboratory in India.
“With the reconfiguration of supply chains, global sourcing shifts, and with customers investing in fast growing R&D markets, it is critical for us to accompany these transformations. Korea being one of the fastest-growing exporters of Technology products across various segments, and India being one of the fastest-growing technology markets, these countries are an important platform for our growth in Asia.
Acquisitions play a key role in our portfolio strategy as we accelerate our ambition to expand our leadership and build new strongholds in strategic markets.”