German Technical Services Company TÜV SÜD Acquires PSB Corporation & PSB Certification

Technical services provider TÜV SÜD announced that it is acquiring PSB Corporation (PSB Corp) and PSB Certification (PSB Cert) as part of its expansion in Asia Pacific. According to the company, TÜV SÜD and PSB will combine strengths to create a new entity based in Singapore that will offer a complete range of testing, certification, consulting and education services across Asia, and the world.

PSB Corp and PSB Cert’s sale to TÜV SÜD is part of Singapore government’s plan to divest government-owned companies in line with the “Yellow Pages Rule”. On the basis of this rule, the government will divest all its non-core, non-strategic businesses which have alternative service providers in the private sector. The Ministry of Trade and Industry (MTI) and SPRING Singapore have previously stated that the two PSB businesses are ripe for divestment as they are now well-established with proven track records.

TÜV SÜD has also announced that it will be investing S$70 million over the next six years to allow the Group to remain on the cutting edge of innovation after the companies come together. These funds will be used to train employees, start know-how transfer programmes, increase management skills, maintain and acquire cutting-edge equipment and ensure compatibility of systems and processes. These funds will also be used to develop new competencies in advanced and emerging sectors such as biotechnology, gene technology, nanotechnology, hydrogen technology, micro-electronics, automation, telecommunications and pharmaceuticals.

www.tuv-sud-psb.sg