March 30, 2009
Northbrook, Illinois, March 30, 2009 -- Underwriters Laboratories Inc. (UL), a world leader in product safety testing and certification services, announced today that it will purchase the assets of the Thermoplastics Testing Center (TTC) of Bayer MaterialScience AG.
The transaction is scheduled for completion during the second quarter of this year. Financial details about the acquisition have not been disclosed.
"This is the right investment to position UL for rapid growth in the use of plastics in a wide range of products throughout the world," said Keith Williams, UL's President and CEO. "UL is actively looking for investments that will help provide our customers with market access, expand our public safety mission globally and increase our market share. The Thermoplastics Testing Center has the people, expertise and a state-of-the-art facility that will help us to provide outstanding service. We look forward to welcoming the TTC to the UL family."
"We are excited about the opportunity to be part of a large testing and compliance global organization like Underwriters Laboratories," said Dr. Bahman Sarabi, Head of Thermoplastics Testing Center. "We see this as a great opportunity to work with many new customers from around the world."
"The acquisition will enable UL to provide our customers with greater testing capacity and expertise in plastics applications," said Bill Colavecchio, UL Vice President & General Manager, Global Chemical Sector. "The TTC utilizes robotics and automation to quickly and efficiently test customers' products. We have seen nothing to rival it in the industry."
The TTC carries out tests for all major plastics applications, ranging from polyethylene to high-performance thermoplastics. It works with companies involved in compounding, extrusion and injection molding, as well as raw materials producers and automotive manufacturers and their suppliers. With its state-of-the-art machinery, the TTC can manage approximately 200 different tests for thermoplastics, as well as the production of granules and test pieces. The TTC has 65 employees; all have been offered employment with UL.