STR Holdings Sells Quality Assurance Group

SHARE:

Email

Print

LinkedIn

Facebook

Twitter

August 23, 2011

STR Holdings is selling its Quality Assurance Segment to Underwriters Laboratories (UL) for $275 million in cash, a move intended to allow STR to focuses exclusively on its solar market.

STR's quality assurance division tests and inspects consumer products and will become part of UL's verification services business.

“STR QA is a leader in the consumer products quality assurance market, contributing significantly to the success of STR Holdings over the years,” said Dennis Jilot, chairman, president and CEO of STR. “However, our solar encapsulant business has grown to be a leader in the rapidly growing photovoltaic industry. We believe that divesting the QA business increases shareholder value at STR Holdings, since it will enable us to focus exclusively on the solar market, strengthen our balance sheet, and provide greater financial flexibility to pursue growth strategies for our solar business.”

Jilot added that QA will be in good hands with UL, which is “known, trusted, and respected” globally.

“As part of expanding our footprint and global capabilities in the QA testing and inspection sectors, we are very enthusiastic about the incredible value STR brings to this partnership,” said Keith Williams, President and CEO of UL. “We are fully committed to building on the strong foundation established by STR’s Quality Assurance team and we look forward to combining our resources to further develop our position as a market leader.”

STR’s QA business will remain in Enfield, Conn., but under terms of the agreement, Chicago-based UL will acquire all assets including its employees, facilities, contracts, and intellectual property. STR’s 10 Water Street location in Enfield, Conn., will continue to be owned by a subsidiary of STR Holdings and will be leased to UL. The quality assurance unit has laboratories and offices in 42 countries.

Read These Related Articles:

• Donald O. Nicholson Joins STR's Quality Assurance Division
• Ground Beef Recall Affects Major Grocers' Store Brands
• SQFI Names Robert Garfield Senior VP
• Food Recalls from Tainted HVP May Increase to 10,000 Products
• Creating a Point of Difference With Store Brands

Most Read

Guest Columns

Grocery Aisle Innovation Key to Retailer and Consumer Cost Savings

Retailers are redesigning the aisle, appealing to environmentally friendly consumers and capitalizing on market trends to make their private label brands more competitive.

Source: Tetra Pak Inc.

How to Develop a Private Label Expression Aligned with Retail Brand Strategy

By creating private label as a marketing tool rather than just a price alternative, retailers gain the opportunity to tell a complete brand story while simultaneously boosting customer loyalty.

Source: CBX

Using the Store Banner to Endorse Private Label Architecture

Although the economic downturn accelerated private label growth in Europe, there was another key driver -- retailers started to brand their stores.

Source: IPLC

See All Guest Columns »

Press Releases