September 1, 2011
Northbrook, IL / Enfield, CT - September 1, 2011 - UL, a world leader in advancing safety, today announced that it has completed the acquisition of the Quality Assurance business of STR Holdings, Inc. [NYSE: STRI], an Enfield, Connecticut-based company. The acquisition, a $275 million all cash transaction, is part of UL's strategy to expand its offerings to global retailing and manufacturing customers.
The acquisition, announced Aug. 16, 2011, complements UL's current electronics and electrical expertise and gives UL an industry-leading suite of quality assurance testing, inspection, auditing and responsible sourcing services focused on consumer products. Approximately 1,940 STR Quality Assurance employees based around the world are joining UL's Verification Services business through the acquisition.
"This acquisition demonstrates our commitment to providing manufacturers, retailers and raw material suppliers a full suite of quality assurance services that complements our electrical and electronics capabilities and creates a combination of unparalleled strength," said Sajeev Jesudas, President, UL Verification Services. "We are excited about our improved ability to better meet our customers' increasing global demand for quality assurance services as they seek to improve the safety and quality of the products they develop for consumers."
About STR Holdings, Inc.
STR Holdings, Inc. is a leading global provider of high quality, superior performance solar encapsulants to the photovoltaic module industry. It is also one of the world's leading providers of consumer product quality assurance testing, audit, inspection and responsible sourcing services, which help ensure that suppliers and retailers have the highest level of confidence in the quality and safety of their products and in the social standards of the supply chain producing them. Further information about STR Holdings, Inc. can be obtained via the Company's Web site at www.strholdings.com.
About STR Quality Assurance
STR Quality Assurance business was founded in 1944 and provides testing, audit, certification and responsible sourcing services to help ensure that clients have the highest level of confidence in the quality, safety and social standards of their products and systems. Based in Enfield, CT, STR's Quality Assurance business has sophisticated laboratories and offices in over 42 countries across five continents, and the reach to provide audit services in over 140 countries around the world. Visit STR Quality Assurance at www.strquality.com.
UL is a premier global independent safety science company with more than 117 years of history. Employing more than 6,800 professionals in over 96 countries, UL has five distinct business units -- Product Safety, Environment, Life & Health, University, and Verification Services - to meet the expanding needs of our customers and to deliver on our public safety mission. Additional information about UL may be found at UL.com.