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UL Solutions Inc. is a global safety science leader specializing in independent third-party testing, inspection, and certification (TIC) services, as well as complementary software and advisory solutions. The company serves over 80,000 customers in more than 110 countries, including a significant portion of Fortune 500 and Global 500 companies. UL Solutions provides services and software that ensure product safety, regulatory compliance, and sustainability across various industries.
- Consumer Segment - Provides certification testing, ongoing certification services, and non-certification testing for consumer products such as electronics, medical devices, appliances, HVAC, lighting, and emerging technologies like 5G and smart products.
- Industrial Segment - Offers certification testing, ongoing certification services, non-certification testing, and software solutions for industries including energy, industrial automation, engineered materials, and the built environment.
- Software and Advisory Segment - Delivers software and advisory solutions focused on regulatory compliance, supply chain transparency, and sustainability, complementing the company's TIC services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gitte Schjøtz ExecutiveBoard | Chief Operations and Sustainability Officer | Member of the Board of Directors of OnRobot A/S; Member of the Board of Directors of Amcham Denmark | Gitte Schjøtz is the Chief Operations and Sustainability Officer at ULS since January 2025. She has extensive leadership experience at ULS, having served as Executive Vice President and Chief Science and Operations Officer since January 2021 and held multiple senior roles since joining in 1996. | |
Jennifer F. Scanlon ExecutiveBoard | President and Chief Executive Officer (CEO) | Norfolk Southern Corporation (Board member from January 2018 to May 2024); Commercial Club of Chicago (Board member); Chicago Council on Global Affairs (Board member); Federal Reserve Bank of Chicago (Board member); University of Notre Dame (Board member); US-China Business Council (Secretary Treasurer); TIC Council (Vice President of the Global Board); U.S.-India CEO Forum (Appointed member) | Jennifer F. Scanlon has served as the President and Chief Executive Officer (CEO) of UL Solutions Inc. and as its Principal Executive Officer and board member since September 2019. She has a distinguished career in leadership, including significant roles at USG Corporation. | View Report → |
Ryan D. Robinson ExecutiveBoard | Executive Vice President and Chief Financial Officer | Ryan D. Robinson has served as the Executive Vice President and Chief Financial Officer at ULS since May 2017. He also serves on the boards of directors of several UL Solutions subsidiaries. | ||
Alex Dadakis Executive | Executive Vice President, Chief Business Operations and Innovation Officer | Alex Dadakis has been appointed as Executive Vice President, Chief Business Operations and Innovation Officer at UL Solutions, starting January 27, 2025, and will serve as the principal operating officer at the company. He has extensive prior leadership experience at Knauf Group, USG Corporation, and Bain & Company. | ||
James M. Shannon Board | Chair of the Board of Directors | James M. Shannon has served as the Chair of the Board of Directors at ULS since 2012. He also holds positions with UL Research Institutes and UL Standards & Engagement and has extensive leadership experience, including serving as President and CEO of NFPA. |
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"Given that your Industrial segment has experienced seven consecutive quarters of double-digit organic growth , how sustainable is this level of growth, especially considering the increasingly challenging comparables and potential normalization of demand in ongoing certification services due to tariff changes ?"
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"Your 2025 guidance indicates mid-single-digit organic revenue growth , which is lower than the 8.7% achieved in 2024 ; can you elaborate on the factors contributing to this anticipated slowdown, and specifically, how do you expect the potential pull-forward of revenues and the normalization in ongoing certification services to impact your growth?"
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"You've significantly invested in capacity expansion and new labs, particularly in battery testing facilities worldwide ; with capital expenditures expected to remain elevated at 7-8% of revenue , can you detail how these investments are translating into revenue growth and returns, and provide clarity on the expected timeline for these projects to contribute meaningfully to earnings?"
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"Your adjusted EBITDA margin is expected to reach approximately 24% in 2025 , meeting your longer-term target set during the IPO ; beyond 2025, what are the drivers that can continue to continue to improve margins, and do you see structural limitations that could cap margin expansion in the future?"
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"With the recent increase in services and materials costs, particularly due to subcontracting and outsourced labs to meet high volumes and lab start-up expenses , how are you managing these costs to ensure they do not erode margins, and what are your plans to internalize these capabilities to improve cost efficiency?"
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Intertek | The company operates in a global and highly fragmented industry and faces competition from large and global public firms, including this competitor, which is one of the major players in the TIC market. |
This competitor is identified as one of the large, global public firms competing in the TIC market, which remains highly fragmented and competitive. | |
Bureau Veritas | The company competes with this global public firm in the TIC market, which is characterized by diverse geographies, services, and markets. |
Eurofins | This competitor is mentioned as one of the large, global public firms in the TIC market, which is highly competitive and fragmented. |
Element | The company also faces competition from large private players, including this competitor, in the TIC market. |
TÜV Rheinland | This competitor is listed as one of the large private players competing with the company in the TIC market. |
TÜV SÜD | The company identifies this competitor as one of the large private players in the TIC market. |
DEKRA | This competitor is mentioned as one of the large private players in the TIC market, which remains highly competitive. |
DNV | The company competes with this large private player in the TIC market, which is diverse and fragmented. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
TesTneT Engineering GmbH | 2024 | Completed acquisition on July 8, 2024 for approximately $19 million in cash for 100% of TesTneT Engineering’s stock, enhancing UL Solutions’ clean-energy and hydrogen testing capabilities and adding significant testing capacity in Germany and Canada. |
Batterielngenieure GmbH | 2024 | Acquired in May 2024 for approximately $11 million in cash, with the purchase price allocated to $9 million for property, plant and equipment and $7 million in goodwill, strategically expanding battery system performance testing and simulation capabilities in Aachen. |
Certification Entity for Renewable Energies, S.L. (CERE) | 2023 | Completed in August 2023 for about $14 million in cash, adding grid code compliance testing, simulation, and certification expertise focused on renewable energy and electric vehicles, with $11 million in goodwill reflecting anticipated synergies. |
HBI Compliance Limited (Healthy Buildings International) | 2023 | Acquired in July 2023 for approximately $6 million in cash for 100% of its stock, incorporating the company into UL Solutions’ Software and Advisory segment and enhancing its health, safety, and compliance testing services in the United Kingdom. |
Cimteq Holdings Limited | 2022 | Acquired in September 2022 for approximately $15 million in cash, including $11 million of goodwill, which bolstered UL Solutions’ Industrial segment by adding design support and manufacturing software capabilities for the wire and cable industries. |
KAM Specialty Equipment Services Company (Data Test Labs) | 2022 | Completed in June 2022 for about $16 million in cash with $10 million in goodwill (tax-deductible), enhancing the Consumer segment by integrating specialized testing services and anticipated operational synergies. |
KBW Corporation | 2022 | Acquired in February 2022 with an enterprise value of approximately $17 million and an aggregate purchase price of around $18 million (including a $2 million holdback), adding electromagnetic, wireless, and safety testing capabilities for medical devices and consumer tech, with detailed purchase price allocations including $3 million in goodwill. |
No recent press releases or 8-K filings found for ULS.