CEO of TÜV Rheinland, Dr Manfred Bayerlein states, "Risktec is an excellent addition for us, complementing our established services extremely well and fully in line with our strategy for 2017. With Risktec we can now offer our industry customers further important services, providing independent advice on a wide range of risk and safety issues."

With its 230 employees, Risktec most recently generated sales revenues of more than 34 million euros, with efforts focused particularly on the markets of the UK, North America, and the Middle East.

Alan Hoy, Managing Director of Risktec Solutions Limited, commented, "We are very pleased to become part of TÜV Rheinland. The two organisations complement each other extremely well and share a common desire to provide high-quality services to clients. Our aim has always been to work with our clients for the long term, over the complete lifecycle of their assets, and becoming part of TÜV Rheinland extends our ability to do this."

The acquisition of Risktec enables TÜV Rheinland to assist clients in meeting the demand to demonstrate compliance with increasingly stringent international legislation and industry standards. At a time when many industries are dealing with increasing technical challenges associated with investing in new assets or extending the life of existing ones, they are also faced with skill shortages across the world.

This has resulted in high demand for the consulting and training/education services provided by Risktec. Risktec provides services to many of the world's most important industrial companies, including international operators of power plants and oil and gas facilities.