TÜV Rheinland acquires ICARO

TÜV Rheinland has acquired ICARO, a health, safety, environment and process safety (HSE) engineering and consulting company based in Cortona, Italy, in a strategic move to strengthen its non-regulated service business. The acquisition was completed on September 7, 2023, with TÜV Rheinland Italia Srl assuming the role of the acquirer and sole shareholder.

Located in the Tuscany region, ICARO is an established and independent engineering and consulting company. ICARO’s experts are highly specialized in environmental studies, process safety analysis, health and safety risk assessment and management, technical assistance and capacity building and training for private companies and public authorities. The acquisition is in line with TÜV Rheinland’s growth strategy, particularly in the energy and environmental sectors. The move significantly expands and strengthens TÜV Rheinland’s service portfolio in Italy.

Founded in 1985, ICARO currently employs approximately 80 people and serves mainly Italian customers but also has a significant position in Azerbaijan. “ICARO’s services and customers are highly complementary to our existing business in Italy. Both existing and future customers will benefit from the acquisition,” says Paolo Caglio, Country Manager of TÜV Rheinland Italia Srl.

“TÜV Rheinland is an excellent new home for the ICARO business, where it can realize its exciting growth potential and continue to create customer value,” says Bruno Frattini, majority shareholder and founder of ICARO.

Gareth Book, Regional Manager of TÜV Rheinland’s Industrial Services & Cybersecurity business in Western Europe, highlights the expertise of ICARO’s employees: “The acquisition gives our customers access to a large pool of expert resources to support their operations and projects”. He also stresses the value for ICARO customers: “ICARO will be able to offer more value to its customers, thanks to a wider range of services offered by TÜV Rheinland, a globally renowned organization in the testing, inspection and certification industry”.

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