UL Solutions (NYSE:ULS) Company Profile
Founded in 1894, UL Solutions (NYSE:ULS), as a global leader in safety science, is the largest TIC service provider in North America. It provides independent testing, inspection, certification, and related software and consulting products to numerous customers worldwide, boasting a profound historical heritage and extensive influence within the industry.
I. Company Introduction
UL Solutions was founded in 1894, with its headquarters located in Northbrook, Illinois, and it has 15,233 full-time employees. After undergoing several transformations and integrations, the company is now composed of three organizations: UL Research Institutes, UL Standards & Engagement, and UL Solutions. It mainly provides independent testing, inspection, and certification ("TIC") services, as well as related software and consulting ("S&A") products to customers around the world.
Official Website: https://www.ul.com/
II. Main Business Segments
1. Testing, Inspection, and Certification (TIC) Services: It provides product safety, security, and sustainability solutions to more than 80,000 customers in over 110 countries worldwide. It can conduct more than 450 independent third-party conformity assessment services based on more than 4,000 global standards, covering a wide range of end markets and regions.
2. Software and Consulting (S&A) Products: It has more than 650 technical certifications and 83 commercial software solutions. Leveraging its expertise in the field of safety science, it provides relevant consulting services to customers.
III. Technological and Business Advantages
1. Leading Industry Position: As a global leader in safety science and the largest TIC service provider in North America, it enjoys wide global recognition. For example, it is approved by OSHA for safety testing and has been rated by Lifehacker as the world's most well-known product safety and certification organization.
2. Abundant Professional Knowledge: With a long history at the forefront of safety science, it remains active in more than 1,300 standard groups and technical committees globally, accumulating a vast amount of professional knowledge, enabling it to provide high-quality services to customers.
3. Global Network and Scale: It has a global laboratory network and a wide business coverage, allowing it to have an in-depth understanding of the product safety requirements of different regions and markets and to meet the diverse needs of global customers.
IV. Development History
| Time | Key Events |
|---|---|
| 1894 | Founded by William Henry Merrill, initially as Underwriters' Electrical Bureau, which was a bureau of the National Board of Fire Underwriters. |
| 1948 | Alvah Small retired, and Curtis Welborn was elected as the Chairman of UL. |
| 1952 | Purchased 153 acres of land in Northbrook, Illinois, and later moved its business to this new location. |
| 1959 | Curtis Welborn retired, and Merwin “Money” Brandon was elected as the next Chairman of UL. |
| 1964 | Merwin Brandon retired, and H. Baron Whitaker was elected as the Chairman of UL. |
| 1972 | The U.S. Coast Guard recognized UL as an official testing agency for personal flotation devices. |
| 1980 | Reached an agreement with China Certification & Inspection Group (CCIC) and began to expand into the Asia-Pacific region. |
| 1988 - 1989 | Established new international branches in Hong Kong and Taiwan, and in 1989, a related institution was established in Singapore. |
| 1990 | Jack Bono retired, and Tom Castino became the President of UL, leading UL's expansion in multiple countries and increasing testing services in fields such as hygiene. |
| 1996 | Acquired the Danish national testing and certification agency DEMKO, its first overseas acquisition. |
| 2001 | Tom Castino retired, and Loring Knoblauch was elected as the Chairman of UL. UL carried out strategic global expansion through acquisitions. |
| 2003 | Established a joint venture with CCIC and built testing facilities in Suzhou and Beijing, China. |
| 2005 | Loring Knoblauch retired, and Keith Williams was elected as the President and CEO of UL. The company diversified its business into emerging testing markets. |
| 2008 | Opened the Photovoltaic Technology Center of Excellence in San Jose, California. |
| 2009 | Conducted a series of major acquisitions, including Luminaire Testing Laboratory and several other companies. |
| 2010 | Expanded into other industries through acquisitions and the creation of new businesses, and opened the Nansha Science and Technology Innovation Center in Guangzhou, China. China. |
| 2011 | Launched the first mobile application, LightSmart®, and made several acquisitions, including the quality assurance business of STR and an air quality science company, among others. |
| January 1, 2012 | Underwriters Laboratories became the parent company of the for-profit company UL LLC in the United States, taking over the product testing and certification business. |
| 2012 | Acquired Wiklund Research & Design, Inc. to provide support for the medical device industry. |
| 2019 | UL celebrated its 125th anniversary, Williams retired, and Jennifer F. Scanlon was appointed as the President and CEO of UL. |
| 2022 | Revised its market strategy to include three independent organizations: UL Solutions, UL Standards & Engagement, and UL Research Institutes. |
| November 13, 2023 | Submitted an IPO application to the SEC, planning to list on the New York Stock Exchange with the stock code ULS. |
| April 2, 2024 | Announced plans to issue 28 million shares at a price of $26 to $29 per share to raise $770 million, with cornerstone investors participating. |
| April 12, 2024 | Listed on the New York Stock Exchange through an IPO, with an offering price of $28 per share, issuing 33.8 million shares and raising $946 million. |
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.
