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Stepken: Pace of acquisition of companies significantly stepped up in 2010

10 May 2010

TÜV SÜD continues its course of growth

Munich. Despite the global financial and economic crisis, TÜV SÜD succeeded in significantly increasing its revenue in 2009. The revenue of the international service group rose by 4.5 per cent to EUR 1.427 billion, while the consolidated income before taxes remained almost at the previous year's level at EUR 101 million. The number of employees throughout the world rose by almost 500, to 14,635. In fiscal 2010, the service group expects further growth, fuelled in particular by the acquisition of companies.

"We have succeeded in further consolidating our position in our key domestic market in Germany, in growing in our core competency areas at international level and in positioning ourselves proactively in three innovative fields of the future: e-mobility, renewable energies and energy efficiency", noted Dr Axel Stepken, CEO and President of TÜV SÜD AG, at the company's annual balance sheet press conference in Munich. All three strategic business segments contributed to the company's positive economic development in the past business year. The strongest performer was the Europe region (including the Middle East and Turkey), which generated 83.9 per cent of total revenue, followed by the Asia-Pacific region at 10.5 per cent and the Americas region at 5.6 per cent. In 2010, TÜV SÜD has noticeably stepped up the pace of inorganic growth. Its acquisition of Global Risk Consultants Corporation (GRC) in April marked one of the most significant acquisitions in the history of the service group. The US company, employing 350 staff in 14 countries, generated revenue of USD 55 million in 2009. "We made a successful start to the new year with the acquisition of GRC and further international acquisitions, and will keep up the pace", announced Stepken. In the medium term, the group plans to raise the share of total revenue generated abroad to 40 per cent.

Detailed information and photos are available at www.tuev-sued.de/bilanzpressekonferenz