The acquisition enables Bureau Veritas to enter different segments of the Chinese construction market and expands Bureau Veritas' portfolio of services.
It has also bought a Canadian minerals testing business, AcmeLabs. The two acquisitions bring a total of €66m (£55.5m) in annual revenue and 1,300 employees.
Bureau Veritas has entered into a share purchase agreement to acquire 70% of the shares of HuaXia, thereby enabling Bureau Veritas to enter the Chinese construction technical supervision market with the required licenses. Formed in 1993, HuaXia is specialised in technical control and construction supervision of petrochemical plants, buildings, municipal projects and electrical power plants. The company holds key supervision licenses granted by the Chinese authorities. It has 350 employees and operates in a dozen of provinces and municipalities in China. HuaXia's revenue for 2011 was about €11m (£9.2m).
"These new targeted acquisitions are part of the growth initiatives underway to implement the group's 2015 strategic plan that focuses on further densifying our worldwide network and extending our service offering in highly attractive market segments,” said Bureau Veritas chairman and chief executive officer Frank Piedelièvre. “AcmeLabs ideally complements the technical capabilities of Bureau Veritas' commodities business, while significantly strengthening our market position in Canada. With HuaXia, we now have licenses to operate in the promising Chinese construction market.”
The group's headcount in mainland China stands at more than 6,300 employees.
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