Last checked at 20 Nov 2009 07:00
20 November 2009, 7:00am (UK)
Intertek Group plc
Intertek in discussion with DNV for Systems Certification Business
Intertek Group plc ("Intertek"), the leading provider of quality and safety services to a wide range of industries around the world, today announces that it is in discussions with Det Norske Veritas ("DNV") in relation to acquiring the vast majority of its Business Assurance division. It is expected that the consideration will be settled in Intertek shares, resulting in DNV becoming a substantial shareholder in Intertek. The revenue of the business that may be acquired is expected to be approximately £200 million in 2009.
DNV Business Assurance is a global leader in systems certification and with this acquisition Intertek would become one of the top three international systems certification providers, with the scale necessary to provide a seamless global service. Intertek believes that the acquisition would facilitate attractive growth opportunities for the Group. There is clear potential to provide DNV Business Assurance's range of auditing services, including systems certification, to Intertek's clients and to provide Intertek's broad portfolio of quality and safety services to DNV Business Assurance's clients. The combination of DNV Business Assurance and Intertek's product certification would also provide a compelling offering to local and global manufacturers, retailers and traders.
Discussions between the two companies are ongoing and due diligence is under way. Further announcements will be made as appropriate.
Contacts
Aston Swift / Sarah Ogilvie
Telephone: +44 (0) 20 7396 3400
aston.swift@intertek.com / sarah.ogilvie@intertek.com
Richard Mountain / Sophie Kernon, Financial Dynamics
Telephone: +44 (0) 20 7831 3113
richard.mountain@fd.com / sophie.kernon@fd.com
Notes to Editors
ABOUT INTERTEK
Intertek is the leading provider of quality and safety solutions serving a wide range of industries around the world. From auditing and inspection to testing, quality assurance and certification, Intertek people are dedicated to adding value to customers' products and processes, supporting their success in the global marketplace. Intertek has the expertise, resources and global reach to support its customers through its network of more than 1,000 laboratories and offices and over 24,000 people in more than 100 countries around the world.
Intertek is a FTSE 100 company listed on the London Stock Exchange. Ticker: ITRK
www.intertek.com
ABOUT DNV
DNV is a global provider of services for managing risk, helping customers to safely and responsibly improve their business performance.
Organised as an independent, autonomous foundation, DNV balances the needs of business and society, based on its independence and integrity. With its objective of safeguarding life, property and the environment, DNV serves a range of industries, with a special focus on the maritime and energy sectors. Established in 1864, the company has a global presence with a network of 300 offices in 100 countries, and is headquartered in Oslo, Norway. Its prime assets are the knowledge and expertise of its 9,000 employees from 98 nations.
For 2008, DNV reported 9,560 million Norwegian Krone in operating revenue and 1,188 million Norwegian Krone in operating profit.
www.dnv.com
ABOUT SYSTEMS CERTIFICATION
Systems Certification services are used by companies in all industries to demonstrate that quality management systems exist within their organisations. These third party certifications cover a wide range of management systems standards including environment, health and safety and those for quality as well as companies' own customised solutions (second party auditing). ISO 9001 and ISO 14001 are the most commonly recognised standards.
www.intertek.com/systems-certification
J.P. Morgan Cazenove, who is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting exclusively for Intertek and no one else in connection with the above and will not be responsible to anyone other than Intertek for providing the protections offered to clients of J.P. Morgan Cazenove nor for providing advice in relation to the proposed acquisition or any other matters referred to in this announcement.