According to UL, the acquisition, which was finalized at the end of last month, will help the company with “deepening the expertise” it offers in the Asia Pacific region.
Jennifer Scanlon, UL president and CEO, said: “UL is a global leader in product safety and strives to be the risk mitigation partner of choice for our customers. We are delighted to welcome KBW Corporation to UL, deepening the expertise we already offer in Korea and Asia Pacific overall.”
Scanlon added: “We are confident this acquisition will allow UL to further help our customers succeed in ever-changing global markets.”
Headquartered in the Uiwang, nearby to Seoul, KBW was founded in 2013 and specializes in safety and electromagnetic testing for medical devices and consumer technology products.
Based in more than 100 countries, UL has been operating in South Korea for over 25 years and “continues to see this market as a key hub for technological innovation," said Weifang Zhou, UL's executive vice president and president of testing, inspection and certification (TIC).
“We are excited to officially join UL,” said Sung Hoon Baek, co-founder and CEO of KBW. “There is a long-standing relationship between these companies and we share in UL’s mission-centric culture, commitment to excellence and customer focus.”