Underwriters Laboratories (UL) said that it will create a new for-profit testing and certification subsidiary. The for-profit entity would become a subsidiary of UL's existing not-for-profit parent company.
According to UL Board Chairman Fred R. Marcon, the decision is intended to reinforce the company's public safety mission by enhancing UL's growth, competitiveness, and agility in an increasingly complex global marketplace for testing and certification.
UL expects to set a timetable for establishment of the new subsidiary after consultation with the organization's members and various regulatory and accrediting bodies.
to Daily News