TÜV SÜD acquires GNEC of South Korea
Germany-based international service group TÜV SÜD has broadened its worldwide coverage with the acquisition of South Korean nuclear service provider Global Nuclear Engineering Co (GNEC).
Germany-based international service group TÜV SÜD has broadened its worldwide coverage with the acquisition of South Korean nuclear service provider Global Nuclear Engineering Co (GNEC).
The new entity, TÜV SÜD GNEC will support South Korea's domestic nuclear program by providing specialised engineering and consultancy services for the planning, licensing, construction and operation of nuclear power plants. It will also facilitate the export of South Korean nuclear power plants worldwide.
Reiner Block |
Manfred Bayerlein, TÜV SÜD chief operating officer, commented: "TÜV SÜD GNEC will leverage the expertise and experience of GNEC to provide a more diverse and specialized range of services to meet domestic market needs in Korea, while TÜV SÜD's global network will provide a gateway for Korean manufacturers to expand into overseas markets."
Reiner Block, CEO of TÜV SÜD Korea, said: "The Korean nuclear industries are ready to export their products abroad. In fact, the entire nuclear power plant can be constructed by Korean suppliers." He added, "There is, however, no real third-party inspection in Korea and this currently hinders foreign market entry. If TÜV SÜD GNEC can provide real third party inspection to the Korean nuclear industries, it will increase impartiality and transparency of them. With TÜV SÜD GNEC, Korean nuclear industries will be able to expand overseas."
In a statement, TÜV SÜD said that the acquisition of GNEC "marks the latest development in TÜV SÜD's nuclear growth strategy, following the acquisition of UK's Nuclear Technologies in 2006."
TÜV SÜD is a globally recognised quality and safety testing, certification, consulting and training organization with a total staff of some 14,000. Its nuclear energy business, with over 600 employees, generated sales of some €100 million ($146 million) in 2008. Its portfolio includes third party inspections and reviews on nuclear power plants in Germany on behalf of the German Supervisory Authorities and technology consulting, third-party inspections and review of nuclear power plants for manufacturers and utilities around the world. TÜV SÜD has supported nuclear power plant projects in Germany, the UK, Switzerland, Finland, Russia, South Africa, Argentina and South Korea.
GNEC provides design and engineering consultancy, approval support and certification, as well as training services. It has been involved in projects such as the construction of units 1 and 2 of the Shin Kori nuclear power plant and the upgrades of Wolsong unit 1 and Yonggwang units 3 and 4.
