Bureau Veritas

Bureau Veritas is a company specialized in the testing, inspection and certification founded in 1828. It operates in a variety of sectors, including Building & Infrastructure (27% of revenue), Agri-food & Commodities (23% of revenue), Marine & Offshore (7% of revenue), Industry (22% of revenue), Certification (7% of revenue) and Consumer Products (14% of revenue).
Bureau Veritas is present in 140 countries through a network of over 1,500 offices and laboratories, and more than 78,000 employees. Bureau Veritas generated €5.1 billion in revenue in 2019. Didier Michaud-Daniel has been the CEO of Bureau Veritas since March 2012.
History.
Bureau Veritas was founded in Antwerp, Belgium in 1828. Originally called the “"Bureau de renseignements pour les assurances maritimes"” (Information Office for Maritime Insurance), its mission was to “establish the truth and expose without apprehension or favoritism”. Bureau Veritas provided insurers with information that enabled them to assess the reliability of ships and equipment, and to ensure the protection of people and property. A year after its founding, the company adopted the name “Bureau Veritas” on May 28, 1829. In July 1833, the headquarters moved to Paris.
Corporate strategy.
Strategic plan.
Starting in 2012, and under the leadership of Didier Michaud-Daniel, Bureau Veritas expanded the scope of its business activities to respond to market changes, developed its partnerships with multinationals, stepped up the digitalization of its business processes, scaled up its global expansion and pursued a sustained external growth policy.
In 2015, Bureau Veritas launched a strategic plan to make the Group more resilient, and more resistant to macroeconomic fluctuations (e.g. oil, gas, primary commodities, marine). This strategy aims to expand the business into high-growth sectors, such as agri-food, construction and infrastructure, connected objects and automotive. The diversification of Bureau Veritas’ activities has been accompanied by a geographical restructuring. The Group has expanded on its historical presence in France and Europe, reorganizing itself into three main zones: the Americas, Europe/Africa and Asia.
Digital strategy.
Bureau Veritas is capitalizing on the benefits of new technology in the Testing, Inspection and Certification industry. In 2016, Bureau Veritas entered into a strategic partnership agreement with , which allows Bureau Veritas to use their 3DEXPERIENCE digital platform to carry out continuous assessment of ships, offshore platforms and on-board equipment throughout the entire life cycle.
In 2017, Bureau Veritas entered into a strategic partnership with Avitas Systems a GE Venture, to launch a range of inspection services based on predictive data analytics (i.e. ) for all industrial sectors.
In 2018, the Group launched Origin, the very first traceability label based on technology, which provides consumers with complete, end-to-end proof of a product’s journey, from farm to fork.
Bureau Veritas entered into a strategic partnership with in 2019 to develop artificial intelligence in testing laboratories.
Corporate social responsibility.
By ensuring that regulations and standards are respected, contributing to the emergence of new labels, verifying the quality of information, establishing benchmarks with stakeholders and mapping risks along value chains, Bureau Veritas supports its clients in their drive for responsible progress.
Acquisitions.
In January 2015, the Group expanded in China. Bureau Veritas acquired Shandong Chengxin, a Chinese company specialized in support services for the construction of industrial infrastructure for the energy sector. In 2017, China became the Group’s largest market in terms of both revenue and employees. In April 2019, Bureau Veritas acquired Shenzhen Total-Test, a Chinese food testing company. Bureau Veritas aims to reach €1 billion in revenue in China by 2021. In January 2018, André François-Poncet was appointed Chairman of the Strategy Committee.