TÜV SÜD plans to double its sales by 2013
TÜV SÜD plans to double its sales by 2013
Munich-based service provider reports fifth consecutive year of growth - Targeted acquisitions added as a pillar of TÜV SÜD’s new strategy
Munich. International service corporation TÜV SÜD plans to almost double its sales to € 2.3 billion in the coming six years. This corresponds to almost 10 per cent annual growth, which the service provider intends to achieve through organic growth and targeted acquisitions in equal proportions. TÜV SÜD Chairman of the Board of Management Axel Stepken announced these plans to journalists in Munich today.
To realize their plans, Stepken and his fellow members of the Board of Management Manfred Bayerlein and Peter Klein are relying on a six-point strategy which includes defending the company’s high market shares in Germany, winning new sales regions on the global market and developing profitable "add value" services. "If the late 19th century was the age of the steam engine, the future will belong to satellite navigation. New, alternative sources of energy will replace coal, oil and gas. In preparing for these developments, we are proactively protecting our long-term future success", says Stepken.
In 2007, TÜV SÜD recorded its fifth consecutive year of growth. Consolidated sales are forecast to increase to over € 1.25 billion (a rise of seven per cent). For the first time, TÜV SÜD will prepare its consolidated financial statements under the IFRS International Financial Reporting Standards applicable to listed companies. A good quarter of consolidated sales are generated abroad, with increases showing particularly dynamic progress in China and India, where growth rates of up to 40 per cent have been reported. Stepken announced that TÜV SÜD plans to increase international sales further to at least 40 per cent in the medium term. By the end of 2007, TÜV SÜD will employ about 13,300 staff – a year-on-year increase of 1,100-plus.
Editor: Rainer Strang