SGS Acquires SRS Tech Co., Ltd., Pusan, South Korea
SGS is pleased to announce the acquisition of SRS Tech Co., Ltd., (SRS), based in Pusan, South Korea.
SRS is the global leader in leak testing of LNG (Liquefied Natural Gas) vessels providing technical inspections for vessels under construction at major shipyards in Korea. In addition, SRS provides advanced NDT (Non Destructive Testing) services to the petrochemical sector utilizing patented technology.
The anticipated doubling of the LNG ocean-going fleet over the next 5 years will ensure the continued growth of leak testing services in Korea and will open a new global market in the years to come.
Founded in 1999 and privately owned, SRS employs 120 people in 7 locations.
SRS generated revenues in excess of CHF 10 million in the first nine months of 2006.
This acquisition is in line with SGS Industrial Services’ strategy to move into higher value added NDT services.
The SGS Group is the global leader and innovator in inspection, verification, testing and certification services. Founded in 1878, SGS is recognized as the global benchmark in quality and integrity. With more than 46,000 employees, SGS operates a network of over 1,000 offices and laboratories around the world.