GL and DNV announce merger

UK: GL Garrad Hassan is to merge with Danish certification and classification organisation DNV.

The new company will be named DNV GL Group and be headed up by current DNV CEO Henrik Madsen. DNV will hold 63.5% of the new company with GL owner Mayfair own 36.5%.

DNV GL's energy division will be based in Arnhem, the Netherlands, with a renewables hub in Bristol, England. The business will be recognised as a Norwegian company.

Speaking about the merger, Madsen said: "The merger rests on a strong strategic rationale, and responds to the challenges of increased globalisation, rapid technological change and the need for sustainable development. Our customers will benefit from an increased service offering and global competence base as well as one of the densest networks."

DNV chairman Leif-Arne Langøy said: "We see this as a good strategic match. The two companies have a common set of values and complementary strengths. Both have strong brands and solid market positions as well as a reputation for high quality and strong integrity. There were negotiations between DNV and GL both in 1999 and in 2006 on closer cooperation. I am very pleased that the timing now seems to be right."

Mayfair chairman Guenter Herz said: "DNV is the partner of choice for GL. Besides DNV's clear commitment to Hamburg our decision for this partnership is based on the complementary fit of DNV and GL as well as the joint ambition for innovation and quality of both companies. As a long-term oriented shareholder we consider this partnership to be the continuation of our successful investment in Germanischer Lloyd."

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