Bureau Veritas has finalized the acquisition of a 70% equity stake in Shandong Chengxin Engineering Consulting & Supervision Co., Ltd. (“Shandong Chengxin”).
Shandong Chengxin is a Chinese company specialized in support services for infrastructure construction projects in the power industry. Its clients are power generation and distribution companies (thermal, wind, hydro, solar and biomass). The services it offers include technical supervision of construction sites, project management and tender management.
Founded in 1996, Shandong Chengxin is based in Jinan, Shandong province, and is active in most of the provinces of China. Shandong Chengxin employs more than 980 people and had revenue of around EUR 40 million in 2014.
With this acquisition, Bureau Veritas has entered the market for mandatory technical supervision of power construction and distribution projects in China. The Group now offers a complete range of services in the Chinese building and infrastructure market.
“We are delighted with the Shandong Chengxin deal, which is Bureau Veritas’s largest M&A operation in China to date. This company will make us a leading player in technical supervision of major infrastructure construction projects in the world’s biggest market for power generation and distribution. It is a perfect fit with our development strategy for the Chinese domestic market,” said Didier Michaud-Daniel, CEO of Bureau Veritas.
Heng Zhang, Chairman of Shandong Chengxin, said, “Thanks to this strategic alliance, Shandong Chengxin and Bureau Veritas will be able to offer more high value added services to our customers in China. Our two companies will also be offering supervision and technical advisory services to Chinese operators investing in energy infrastructure projects abroad.”
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 66,000 employees in around 1,400 offices and laboratories located all across the globe. Bureau Veritas helps its clients to improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
