Monday 7th January 2019
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Food testing and biosecurity specialist AsureQuality is extending its partnership with Bureau Veritas into South-East Asia to benefit from the region’s rapid growth.
The government-owned testing and certification agency will roll its eight-year-old Singapore facility into a new Singapore-based venture with Bureau Veritas - BVAQ.
Bureau Veritas, listed on the Euronext Paris exchange, will fold its newly-established food testing labs in Vietnam, Indonesia and Thailand – and its majority stake in Malaysia’s Permulab – into the venture.
The asset-based transaction is based on the structure the pair used in 2016 to form Bureau Veritas AsureQuality Holdings Pty in Australia. The latest venture will also be 51 percent-owned by Bureau Veritas.
AsureQuality chief executive John McKay says the new agreement builds on the relationship the pair formed since their venture acquired Dairy Technical Services – Australia’s leading food tester - in 2016.
“Partnering with Bureau Veritas in DTS has already proved to offer strong synergies. This new partnership is a great fit for both organisations and will enable us to provide better service to customers in this important region,” he said in a statement.
“We also see tremendous benefits for New Zealand food and primary industry exporters. The greater geographic reach means we’ll be closer on the ground in these markets offering local testing and support.
“We also look forward to bringing international market insights back in to our customers here in New Zealand.”
Bureau Veritas is a global testing giant with about 75,000 staff working in 1,400 offices globally. Its testing and certification operations span consumer goods through to electronics, commodities, petrochemicals, buildings, ships, pipelines and power stations.
Chief executive Didier Michaud-Daniel noted that, including DTS, BVAQ joint-venture operations will include nine laboratories and more than 500 staff to cater for the fast-growing agri-food sector in the region.
AsureQuality operates labs in Auckland, Palmerston North, Wellington, Christchurch, Lincoln and Singapore. It also has a joint-venture lab in Jedda in Saudi Arabia.
While much of its work is for the meat, dairy, seeds and horticulture industries, it also serves the building, forestry and pharmaceuticals sectors.
The company reported a net profit of $8.5 million in the June year, up from $5.3 million a year earlier. Revenue jumped by $31 million to $211.7 million, with much of the increase due to lower margin biosecurity work for the Myrtle Rust and Mycoplasma bovis outbreaks, and increased meat inspection services for the longer killing season.
AsureQuality had total assets of $126.2 million at June 30, including the $31.4 million carrying value it put on its stake in BVAQ in Australia.
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