Worldwide Environmental Products, Inc. (Worldwide), has acquired a majority stake in Técnicas Reunidas de Automoción (Ryme).
Founded in 1982, Ryme is a company dedicated to the design, development, manufacture, installation and maintenance of equipment for the technical and safety inspection of vehicles. Ryme's 15,000 m2 headquarters are located in Burgos, Spain. The company's goal is to develop new products and to continuously improve the products currently on the vehicle inspection market.
Since 1984, Worldwide, a high-growth technology company, has been designing, implementing, operating and servicing various types of vehicle inspection programmes from its headquarters in California. From inspection equipment design and maintenance, software development, database management, quality control and quality assurance, to staff training, Worldwide provides turnkey solutions for the successful management of vehicle inspection programmes.
The combination of the two companies will bring a breath of fresh air to the vehicle inspection sector, offering a tailor-made solution, from technology to hardware, driving innovative change in the industry.
Bill Delaney, President and CEO of Worldwide Environmental Products, Inc. (Worldwide), said: "Ryme is one of the best known manufacturers of vehicle inspection equipment, with a wide range of products on the market on six continents. We are well known for providing the industry's most proven and innovative technology that increases inspection throughput while providing enhanced reporting capabilities, transparency and security. Our latest acquisition will allow us to fully complement our supply chain through inspection equipment that we do not currently manufacture. This is affirmed by successfully winning two of the largest contracts in the industry over the past year. This strategic acquisition is an important milestone in our history and I am delighted at the opportunities this will bring to the company and its expansion plan.
Michael Delaney, CDO at Worldwide, has been appointed Managing Director/CEO of Ryme. "Worldwide has been working with Ryme for the past two years, so there is already a solid understanding of how the companies operate together. The synergies between Worldwide and Ryme are bringing something to the vehicle inspection industry that currently does not exist and we have already begun to see the value of the partnership. I am excited to continue working with Ryme's talented staff, albeit now in a different role as MD/CEO, as we continue to innovate with new technologies and expand our presence globally. We are also pleased to announce that the partnership between the two companies is already bearing fruit in the very short term, with Worldwide / Ryme having already been awarded major contracts in different regions of the world".
James Delaney, Global Chief Financial Officer, said: "The acquisition of a majority stake in Ryme creates significant value for everyone, as we continue to launch projects in new markets where Ryme products are essential to our solution. This will help us meet our short and long-term goals of expanding our business model.
Official website Worldwide: www.wep-inc.com
Official Ryme website: www.ryme.com