SGS Sells its US Pre-Owned Vehicle Inspection Business to Ten Oaks Group, a Family Investment Firm Based in the US
Today, in line with SGS’s focus on evolving its geographic service portfolio, we are pleased to announce the sale of our US pre-owned vehicle inspection activities to Ten Oaks Group. The sale is effective at close of business on December 31, 2019.
This activity had an annual turnover of approximately USD 22 million and around 300 staff will be transferred.
“SGS is committed to continue serving the automotive industry in the US and worldwide,” said Frankie Ng, CEO of SGS. “This current evolution of our portfolio of services in the US, with the divestment of the pre-owned vehicle inspection division to Ten Oaks, reflects our vision and ability to create best value for customers in this region. We would like to thank the dedicated employees and management of the pre-owned vehicle inspection activities in the US for their service and performance during the past 34 years as part of SGS. We believe Ten Oaks Group to be a solid partner for this activity going forward and we wish them success.”
For further information, please contact:
Investors: Toby Reeks
t: +41 79 641 83 02
Media: Daniel Rufenacht
Corporate Communications and Sustainability
t: +41 78 656 94 59
SGS is the world's leading inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 94,000 employees, SGS operates a network of over 2,600 offices and laboratories around the world.