UL - The Highly Profitable Quasi Nonprofit Investigated
UL has near-monopoly power in the U.S., operating in a highly atypical fashion involving two non-profits and a for-profit business.
UL (formerly known as Underwriters Laboratories) brings in more than $2.5 billion in annual revenue, has paid a former CEO more than $20 million, and is expanding rapidly throughout the world.
Without the prevalent UL mark legally required by various U.S. codes, building inspectors may order materials and components such as fire sprinklers, surveillance equipment, and doors to be ripped out of construction projects. More broadly, global retailers such as Amazon may decline to sell products.
In the report, IPVM takes a deep look into the UL enterprise, including the size and scope of its operations, the evolution of its complex three-entity structure, its market power, the extent to which its substantial cash generation flows to executives, and transparency issues.
Executive *******
********** *** ********, ********-***** **, *********** *********** ** **** **** ** ******* products ******** **** ****, *** ***** into * ****, *******, *** ****** profitable ********** **** *** ***-**** *******.
** * ************ *****, *** **********'* earning ***** **** ** ** *** with ***** ***-****** ************, *** *** pay ********* ******** ****. ** **** alone, ** ***** ** ******* *** former ********** ******** ** ***** $* million ** ************. *** ************'* ****** CEO, ***** ********, *** **** **** $20 ******* ******* * ** ********* long-term ********* ****, **** ******** **** ** ****.
** ****** ** *** **** ********** as * ****** ******-******** *********, ** has **** ***** **** ******** ***** and *** ********* ***** ************* ********* *************** ********** ********, ********* *************** ****** *** ****** ***************** *********** ******* ****** **********. ** * ******, ** *** leverage ****-******** ***** ** ****** ******* and ************* *** ******** *********, **** safety *******, ********** **********, *** **** consumer ********.
**** ******* ** **** *** *******, representatives *** ** ********** **** *** enterprise ** ********* **** ** ** three ******** ******** ***** ***** ********* functions. **** **** ******** ****'* **************** of ** ** * "*****-*********."
"***** *** ***** ******** ************* ** the ** ********** – *** ********** and *** ***-******," *** *************** *** the ******** **** ** ********-******* ***** ** ****. "**** **** *** ********** ********* 'partially ** * ***-******.'"
Overview ** ****’* ********
- **'* ******** **********
- $***+ ********* ************
- ****** *****
- $*.* ******* *******
- *********'* ************* *******
- ****** *********** ******
- ******* ***-******/***-****** *********
- ************ ******
- **'* ********* ** ****
Current ** **********
********** ********* ** * ****** ***(*)(*) nonprofit ***** ****, ** ** *** broken ********* ******** *************: ***(*)(*) *********** ******** ********** (******** ************ ************ Inc.), ***(*)(*) *********** ********* & **********, *** ***-****** ******** *********. **** *** *** *** ***** and *** *********.
******** ******* *** ** ** ******** **********,***** ******* ********* ******** ** ** ********* & **********, *********** ********* *** ** ** *********. ********* to **, *** ********** ***** *** the ********* *** ******** ********* **** that ** *** ***-******.
** ******** ********** *** ***** *** employees *** ** ********* ** ********** research ** ***** **** ** *********, digital ******, *************** ******, **** ******, and *********. ** ********* & **********, which *** ***** *** *********, ****** in ******** *** ****** **** ********* safety *********. ** ********* ******* ***** 15,000 *** ******* *******, **********, *** certification ** * ***-****** *******.
Current ********* *********
**** ******* ** ****, ** ********* was ***% ***** ** ********* ************ Laboratories ***. ** ****, *** ********* transferred ********* ** ** ********* ** UL ********* & **********. ************ ************ Inc. ** *** ******** ****** ** UL ********* & **********, ** *** organization ********* ******:
***** ****, ** *** **** ********** as *******:
For-Profit ***** ** ***-******
**********, ***% ** *** ***-****** ** Solutions ** ***** ** * ***-******. No ******* ******** *** *** **** of ** ********* ** ******** ** most ************ **** *** ***** ** its **********, ******* ****** *****, ***.
Acquisitions *** **
*** ************ *** **** **** ******* ** *************** *** ******** ******* ***.********* ** **, *** ******* ******* arm **** ***** $**.* ******* ** investments ** ** *****-***** ********* ******* 2016 *** **** ******* ** ******, security, *** ************** ** *** ******* and ************.
Testing *** *************
*****, *** ***-****** ****** ** ********* (which **** ****** ***) *********** *,*** certification ********* *** ******** ****** ****** of **********, ********* ******** *** ************, automotive, ****** *** *********, ********* *** materials, ********* *** ********, ****, ***** and ********, ****** *** *****, *****, life ****** *** ********, *** ******** electronics.
** ** **** ****** **** ***** certification *******, **** ** **************, ***, physical *** ******* ******** *****, ******** vehicle ******** *********, ***, *** *****-******** devices **** ** *********** *** *-*****. Additionally, ** ********* ************* *** ****************, ****** ** ***** **% ** its ***** *******.
************* ****** ****** ** **** **$*,*** ** $**,*** *** ********** ******* *** *************. ******* ****** certification **** *** ***** ** *** number ** ***** ********, *** ***** of * **-********* **** ************ **** IPVM.
$20M+ ********* ************
********* *********** *** ********* ************ ************ Inc., *** ***** ** ** ******** Institutes, **** **** ********** ** *** UL ********** ******* ******** ************, ***** in *** ******** ** ********* ** dollars ** ******** ** ******* *** year. *** ************'* *** **** *** for ****, *** **** ****** **** available, ***** ** ******* *** ****** executives *** **** **** **** **** $1 *******.
** ******** ********** *** ******** ***** received **** $*.* ******* *** *** year. ***** $*.* ******* ** *****'* pay ** **** **** **** *** nonprofit ******. *** **** ** *** compensation **** **** "*** ************ *** related *************."
*** **********'* ****** ********* ******, ***** **************** ****** $** ******* ** **** (the ************ **** **** **** *** part ** * ****-**** ********* ****). Two ***** ****** ********** **** **** paid **** **** $* *******. ************ for ******* *** ***** ** *** listed ** ***** ***********.
********, *** ****** ** *** ** **, ******* *** **** ************* ********* in *** ******** ** *** *********'* for-profit **********, ** *********.******* ** ********* *** *** **** all ** ** **** **** ******* 2019, ******** ******* ******* ****"*** ****-****** ** ** ****** *******," according** *** ******** *******:
********* ***** ******* **** **** **** nonprofits *** ****** ***-****** ************ ** order ** *** ********** ****** ********. UL *************** **** **** **** ********' pay ** **** *** **** * "long-term ********* ****" ********** ** *** for-profit ********** ** ********* ***** ********* to **** ***** **********.
****** *** ******** ** **'* ***-****** subsidiary, ******** ********* ******** $* ******* to $* ******* ** ****** ************, according ** ************ ************ ***. ****. He ********* ** **** ***** **** much ** **** ***** ***** *** restructuring, *** *** ***** ****** ** about $* ******* ** **** *** 2019. ** ****, ** ******** **** $8 *******. ********* ********* *** ************, nonprofit *** ******** ** *** *.*. averaged $***,*** **** **** ** ****, according ** ********* ************** ** ******.
Market *****
** *.*. ******* ******* ******** ** be **** *** *************. *******, **** the *******, ** *** **** ************ into***** ******** *****,********* ************,******* ****** *********, *** ************ ************ **** ** ******,**** ****** ** ** ******* ************. (Some ******** ******** **** *** ****** have ** ******** **** ******* ** UL, *** ********.) ** ** **** listed ** ** ********** ****** & Health ************************ ********** ******* **********.
****** ************* ** **** *** ********** components, *********, **********, *** ***** **** as ***** ** ****** **** ***'* present **** ** ******** ***** ******* or ** ****** **** **** ************* in *** ***** ** * ****. In ****** ************* ***** ******* ************************* ********* **, *********** ********* *** ****** developers *** *********** ** **** *** components **** ** *** **** *** "UL" ****.
** *** *******, ** ********* ***** that *** "** **** ** *** single **** ****** ********** *** ******** third-party ************* **** ** *** ****** States."
$2.5B+ ** ****** *****
********* **** ***-****** *** ********* ********, UL **** $*,***,***,*** ** ********* ******* in ****, ********* ** * ********************* ****** ******* ** ***.** ****, ****** **% *** ******* from *******, *************, **********, **********, *** audits ******* ** *** ******* **** *****. *** **** **** ****** **** software *** ******** ********.
** * *****, *** ********** ***** the **** **** ***** ****** ** $3,755,000,000.
******* ** *** ** ********** **** the *********** ** **********, *** ***** revenue *** ****** ***** ** *********** within *** *** *% ** *** nation's ************* *.* **********(*)(*) ***-****** *************.
****** ******** *** ******* *** ************* business **** * ***-****** ******, *** total ******* *** ************ ************ ***. in **** *** * ****** **** $2 *******, *** *** ***** ****** were ***** $*** *******, ********* ** the************'* ****.
*** **********, ******(*)(*) ********* ******* *******, ***** ******** **** *****, **** pantries, *** **** ******** ********** *** country, *** ***** ******* ** $*,***,***,*** in ****** **** ****. *** *********, listed ** ********* ******* ******* ** *** *.*. by ****** ** ****, ***** ****** **** **** **** total ****** ** $*** *******.
Comparison **** ***-*******
** * ************ *****, *** ** enterprise ** **** **********. *******, *** enterprise's ****** ** ********** *** ******** costs ** *** ************ ********* ****** makes ** ********* ** ******* ************* ratios **** ***** ************ ********.
**** ******** ****** ************ ******* *** all ******** ***** ** "*******, ******* & **************" ********. ***** ******** ***** are ********** **** ** *** *******'* total ******** *** ********* ********. *** example, **** ** * ****** ********* of ********** *** *** ******** ******* Oracle.
** ****** ******** ***** **** *** groups: "********* ********," ***** ******* ******** costs "******** ************ ** ******* **********," and ********** "*******, ******* & **************" expenses. **** ** * **** ***** this ********** ******** ** *** **** audited ********* ******.
***** *********** "********* ********," **'* ****** is **%. **** ****** ** ****** than *** ******* ********* ******* *** more **** ** **********, ********* ********, insurance, *************, *** ****** ******, ********* to ********** ** *********** ** ***'* ***** School ** ********.
*******, ** ********* *** ** *** staffing *****, ********* ***** ***** *** not "******** ************ ** ******* **********," before ******** ** "********* ******." (***** that *** ********** ******** **********, ** is ********** **** *** *** ***** would ** ******** ** "******* **********.")
***** ** **'* *********** ** ********* income, *** ********* ********* ****** *** the ** ********** ***** ** ***** 10%.
*** ***** *******, **** *** ************** ********* ********** ***-****** ******* ******* ************, ***** ** *** **. *** company, ***** *** ****** ******** ** a ***-****** *******, ** **** ****** ********** ********** ******* **********.
- ***** *******: $*,***,***,***
- ********* *****: $*,***,***,***
- *********: **,***
- ********* ******: **.*%
- *** ******: $***,***,***
- *** ****** ******: **%
******** *** ***** ** **** *** UL ** **** *********'* ******* **************** **** *** ***-****** ********** *** positioned "*** ** ***." *** *** organization ****** ** *** **** **** it *** ********** ** **** ********. No *** *** ********.
** ** *** **** ******, ** estimate **** *** ****** ***** ***** now ** ******* $* ******* *** $8 *******, ***** ** * ********** to ********.
"Strong ********* ***********"
**'* ***-****** ******** ************ ** ** doing ****. ** ** ****** ******, Scanlon ****** **** * "******** ****" for *** ************ *** **** *** organization's "****** ***********" *** "********* *** industry."
*** *********:
** ****, ** *********** *** ********* to ******* *** *******-***** ******* *****, giving *** ********* ****** ** *** full ********* ** **’* ********* *** services. ** *** ******** ** **** foundation **** *** *********** ** *** technologies *** ******** ********* **** ********** our *****-******* ********** *** ****** *** customer *************.
** *** ********* **** ******* ******* market ***** *** ********* ******* ****** means **** **** ********* *** ***** more ** *** ********, ******* *** world ** ****** * *****, **** secure *** **** *********** *****.
*** ******* ***** **** ** ***./** Solutions ******** ** **** ** ********** its *********-****** ******* ** **********, ****** chain *********, ********** ******, *************, *** sustainability. *** ******* **** ****** ************ in *******, *****, *** *** ****** Arab ******** *** ********* ********** ************ in ******* *** ******.
Controversial ********* *******
******* ** ****** ******* ***** ******* **., ** electrical ******** *** ********* ************ ******** at *** **** ******* *****'* ********* Exposition, ** ******** *** ********* ****** tax ******* ** ****.** ***** ******** **** *** *** in *** ***** **** ******* ** should ** * ********* *** *********** lost *** *** *********.
** *** ****, *** ******* ********** provided *** ********** *** ************* **** “operated *********** *** **********, *********** ** scientific ********.” ******** ** *** *** organized **** ************ *** **** **** profits, *** *** ***** **** ** nonetheless ******** **** **** * ******** venture **** * *******.
*** *.*. *** ***** *** * federal ******* ***** **** ***** **** the ******, ******* **** *** “*****” fees ** ******* ************* *** ******* and *** “***********” ******* **** ** a “******** ******."
** *** **** *******, *** ******* court ******:
**** **** *** ***** **** * charity ** **…** *** *** *** public ******** **** ******** *** ************* of *** **********. ** *** ********* gain *** ******** *********. *** ******* concern ** *** ********** *** **** of *** **********, **** ** ****** entirely ** ********* *********, *** *** manufacturers *** **** *** ***** ****. Whatever ******* ****** ** *** ****** was **** ********** ** *** ******* concern.
**** ** ****, ******** ****** **********-********* ************** ***(*)(*) ** *** *.*. ******** Revenue ****, ***** ******** * *********** for ******** *********“********* ** **** *** ****** ******.”************ ************ ***. *** ***** ******* a *** ********* *** ********* ****, according ** *** ******** ************ ********** ** **********.
Unfair *********** ******
*********** **** **’* ********* ****** ******* again ** *** **** *****, **** the ******** ******* ** *********** ************, a ***** ***** *** ******* ********** testing *************, ****** ******** **** ******** about ****** ***********.
** * **** ******* ***** ********** *****, *** ****’* ****-********* ******** ****** O’Neil ****** ** ** “********* ******* of ***** ** *** ***-****** *** status.” ** *****: “*** **’** ****** for ** * ***** ******* *****.”
** ******* ******** ** * ****** of *** ****’* ******** ******.******* ******, *** ******* ***** ********* ******* of****, **** **** ** *** ******* of *** *********** ****** ****** ** his ************ **** ** ** *** 1980s.
*********, ** ***** ******** ******** ***** or ****** ****** ***** ************ ******** opposes ** ********** **. *** ** isolated *********, ********* **************** ********* **** ********* ** ****** the ************ ******* ** ****** ******** practices.
** ** ***** *** ********* **** small ************* ****** ** ****** ** certifications, **** **** **** ****** ** sell ***** ******** ** *** ******,********* ** ************* ** ************ ******* **. (** *** *** ********* ** one ** *** ********, *** ******* was ******* *** ***** $**,***, ********* to **.)
** * **** **** ** ***** ago ** ******* ***** *** *********, ***** ********** **** ** *** difficult ** **** ****, **** **** were ****, *** **** *** ************ was ************ ** ******* ** **** testing ******* ** ********. *** **** called *** ************ *** “***** ********* of *** *********** *****.”
Product ****** ********
** ********* ******** ********* ***** ** the ***** *** ***** ***** ** connection **** ******* ** **** ********. The********** **** ********** ****-**** ** *** ************ ** 1999, ************ ******* ******** ***** ** certifications *** **** ********** ** ******** safety *********, ********* *** ******** ** halogen ********* ***** **** *** ****** 232 ***** *** ** ****** ******* 1992 *** ****.
********* ** *** *******:
****-******* *******, *********** ******** *** ******* industry ***** **** *** ** ***** increased ********. ************ *********, *** *** many ***** ********** ** ** * world ****** ** ****** ******* *** standards, **** ***** ** ****** ******* doubts ** *** **** ** *** recall ** **** **** * ******* sprinklers. ** ****, **** **** ******** are *********** *********** **'* ***-****** ******, granted ** ******** ** ***** *** to ************* **** **** "*** *** public ******."
******* *** ****** **** **** ******** considered *********** *** ** *** *********, no ********* ********.
Complex ***-******/***-****** *********
** ****, ** **** * *********** structural ****** ** ******** * ***-****** subsidiary, ** ********* ***. **** *** creation ** *** ***-****** ****, **** of *** *******’* ********** **** ******* to ** ********* (**** ***** ** UL ***. *** ** ***), ** evidenced ** *** *** *****.
************ ************ ***. ****** ***** *,*** employees ** *** *** *** ****. That ****** ******* ** ** ** 2012 ***** *** ***-****** ********** *** created.
** ****, ** *********** ********* ** the ***-****** **** ************ ************ ***. to ** ********* & **********.
** ****, *** ************ **** ******* big ********* **** ** ************$*.* ******* **** *** ***-******** *** ********* ******** ** ***** to “****** *** ***** ** ********** discovery ****** * ***** ***** ** critical ****** – **** **** ****** to ***** ************* ******** ** *************** battery ******."
*** ************ ************ *** ********** ************ ** ********* & ********** ** 2023.
Transparency ******
****** ********' ******, ** ******* ******** **** *** ************* ********** ******* *********' ************** **** the ******, ********** ********, *** *** media ***** *** **********'* **********. *** code ******* *** *********:
• ** *** ******* * ***** inquiry, ******** **** *** ****** ******* any ******* *** *********** ****** **** manager, **’* ***** ********* ********** ** your ***** ************** **********. *** ********** information ***** ***** *********’ *********, ****** visit *** ************** ******** ******’* *******.
• ** * ********** ** ********** representative ******** *** *** **** *** to ******* *********** (*** ********* ** the ******) ** ****** ** ** inspection, *** ****** *********** ***** *** government ************** ** **’* ***** ***** Officer, **** ***** ******* ******* ** Global ********** ******* ******* *** ******* discussion.
• ** *** ******* * *** related ********** *******, *** ****** *********** refer *** ********** ************** ** **’* CFO ******* *** ******* **********.
** **-******* ********, *** ********** **** not ******* * ******** ******** ** its ********* *********** ** ********* ****** reports. *******, *** ***(*)(*) ********* ****** Underwriters ************ ***. ******* **** **** to *** *** **** ****. *** organization's ****** ********* ******, ***(*)(*) ************ UL ********* & **********/****,***** ******** ****.*** ********** **** ***** ******* ************ financial *******.
************* ********** ************ ********** ********* ******** 990s *** ******* ******* *** ********** and ***** **** ********* ** * public ********. **** ******** **** ******* the********** ******* ******** **** **** * ****-**** investigation.
Experts *********
** **** ********* *** ********* ******* for ********:
- ***** ******* *****, ***** **** *** ******
- **** *. *****, ***** **********
- ***** ***** ********, ******* ******* ****
- ****** *. ****, *** *** ******
- ****** *******, ********** ** ********** ****** ** Law
- **** ******* ******, ******** *** ******
- ******* *****, ***, ***, ****** *** ******* agent
Delayed *****
******** **** ******* *** ** ** for ******* ******** ***** **** *** course ** *** ****-**** *************, ** did *** ***** ** *** ********* until ******, **** **, ****.
*** ** ********* ************** *** ******** the ********* ** *** ********* **** all ** *** ** ********, ******* Pipitone, **** **** **** *** ******** code ** ********** *** ** ****** in ******. *** ******** ********** ****** *** ********** **** *** UL *********.
**** ***** *** **** ** ****, Pipitone **** ************ *** *** ** ********* & Engagement, ***** *** *** ********* ** the ********** ****.
UL's ********
*** ******* ********* ** ****'* ********* **** UL.**** ** *** ********* **** ***** relate ** ******* *** ********* ** this ****** *** *** ** ********* in ******-** *******. ** ******** ** IPVM's ********* ***** *** ** **********'* issues **** ************, ** *************** ****:
** ******** ********** *** ** ********* & ********** ***** ****** **** *** financial ************ ******** ** ***-****** ************* by ********** *** ****** *** *** Form *** (* ****** ********). **** of ***** ********* *************, ** **** as *** ***-****** ** *********, **** great ***** ** ***** ************ *** in ***** ************ *** ***********. **** believe **** *** ********* ** *** entire ** ********** *** *** ********* success ** ****’* *** ****’* ********* missions **** ** ****.
*** *** ******* **** *** ******** policies ** ** ******** **********, ** Standards & ********** *** ** ********* do ******* ***** *** ************ ***** communications **** ***** *** ********** ********** on ****** ** *** ** ************. This ** *** ******* (** ***********), and **** ************* (**** ********* *** commercial **********) **** ******* ******** ** place. ******** **** ***** *** ******** to ****** **** ********* ****, *** responses **, ***** *** ********** ********** are ******* ** * *********** *** centralized ****** *** *** ******** ** individuals **** *********** *********** *** ********* to ***** ** ****** ** *** applicable ************ ****** *** ** **********.
** ******** ** ****'* ********* ***** why *** ** ********** ****** ** restructure ******, ** *************** ****:
***** ** *** **** *************, *** mission ** ************ ************ (*** ** Research **********) ******** ********* ****** ******* through ******** *** ************* *** ********** the ********** *** *** ** ******** which *** ********** *** *************** **** through *** *********** ** ****** ********* intended ** ******* ** ****** **** of **** *** ********.
******* ** ** *** **** *************, Underwriters ************ ********** * ******** **** for **** ****-******* *********** ********** ******** on ****** ****** ******, ******** *** sustainability ******. *** **** ************* *** driven ** ************ ************’ ****** ** significantly ****** *** ********** ******** **** to ******* **** ******** ****, ***** also *********** *** **** ******* *** relevance ** *** ********* *********.
************ ************ ********* **** ***** ***** would ** **** ************ ** ********* into *** ******** ************* – *** that ***** ***** ** ****** ******* research *** ************* *** *** **** would ***** ** *** *********** ** safety *********. ***********, ************ ************ (*** UL ******** **********) *********** *** *********-******* activities ** * ******** ***-****** ************ (UL ********* *** **********). **** **** allows **** ********* ************ ** ** dedicated ** ********* *** *******-******** ****.
** ***** ** ***** ********* ** your ********* *** *** ********* ** are ********* ***, ** ******** ********** and ** ********* & ********** *** well ** ***** *** ** ********* those *****.
****'* * **** ********, *** ***** on ** ********* *'* *** **** we're ***** ** *** * ***** answer ** **. ** ****** ** platitudes, **** ** ****** ***** ******* ****, ***** *** *** ********* ***** a **** ** "******* *** * ***** *****." ** does *** ******** *** ******** **********.
********* ******* * ***** ****, ********* finance *** ***** **********, ********** ** me **** ** ***** ***** * "halo" ****** ** *********** ** ********* as * ********** ** * *********. That *** ** *** ******** ** image ** * ****** ****** ** safety ******* ** *** ***** ** government ********* *** ********* ***** ********** relationships. *** ******* **** ********* **** maybe ***** ** ***** ****** * nonprofit ** *********** ** *** **********'* identity, ***** ***** **** ****** *** years.
************, ** ** *****, ***-****** ** Solutions **** *** ****** ***** *** I ***** *** **** *** ******** the ********** ** ***** *** ********* to ******** ***** ** *** ***.
* ******* *** ***(*)(*) ****** ****** them ** ****** ** * **** amount ** ********. ** ****, **** would *** **** **** ** ** away ** **** ****** **** ** continue ** ********* *********** **** ****** business ** ***** ***-****** ******.
*** **** ************* ****** ** ** structure * **** **** ****.
**** ******* ********** *** ****** *** attention ** ****** *** **** ******* IPVM.
* ********* **** **** ** ****, but **** ****** ******** ** *** outrageous ****** **** **** ****** *** their ********* *********. *** *******, * read-only *** **** ** ** ***, the ******** **** ******* ** *** safety ** ********* *****, ** ****** $800. **** ***** ** ************ ** many *********** *** ******* ********* ** this ********.
** ** ************ ** ***** "******* for * ***** *****", *****'* ** make ***** ** *** *** *********** into *** ***** ** *** ****** who **** ** *** ** ** a ***** ***** ** * ********** price?
********* ***** ****, *** **** *** others *** **** ****** ** **** tactic *** ***** *********. **** ** which *** **** **** *******. ** seems **** ** ****** **** ***** for ****** ** ******.
*** *** ***** ********** ********** ******* Facilities **** ** *** *** ***** approvals ***** ** *** ** ******** and *** ********* ******** ** ** equal ****** *** ***************.
** **** **** * *** ** work **** ** **** *** ***** globally.
******'* **** * ***** ***** ** people ** **** ****.
*** ******* ** ****** ******** *** they **** * **** ****** ******/******** led ******** **** *** ***/***** ****.
**** *** ************ **** *** ***** via *********** ***** *** ********** *** they **** **** ********** ** ***** them *** ***** ****** *** ******** (particularly ***** ******'* ************ ********), **** seriously.
**'* *** ** ***** ******* **** you *** *** ******** ** ******** in *** **** ** ** ** drives * ******* ******** ****, ***** is **********.
* ***'* ******* ** ***** ********* or ****** *** * ***** *** that **** *** ** ********* ** British ********* ********* (***) ** *** UK *** *** ** ****** **** it ***** ** ***** *** ******* certification **** ** *** "******".
****: *'* ******* ************** ** ** have ****** *** ** *** ** for ********* ********.
* ******* **** **** ** ******* a **** ** *** ******* * talked ** *** ******** ******** *** insight. **** ** *** **** **** links ** ***** ****.
- ***** ******* *****, ***** **** *** ******
- **** *. *****, ***** **********
- ***** ***** ********, ******* ******* ****
- ****** *. ****, *** *** ******
- ****** *******, ********** ** ********** ****** ** Law
- **** ******* ******, ******** *** ******
- ******* *****, ***, ***, ****** *** ******* agent
** ************* *****'* ********* **'* ****, it's **** * **** **** ******* for ********* *** ************.
*** ** **** ** ******* ** let **** **** **** * *** party*************** ****** **** *** ****** *** assembly *******.
* ********** *** *** ********* ** that ***-****** ****** ** * ***** shakedown.
** ******* **** *** **** ********** Post ******* ****** ** ***** ****** (and****)
* ******* **** ********* ****** ****** 30 ******* ** *** ****. *** some ***** ********* *** ****** ******** alarms ******** ** **** ** ********** tests ****'* **** ** ****-***** **********.
**** ********,*** ****** ***** ********** ** ***** recalled ***** * **** **** ****** two ******** - *** *****
** **** ***** * ****** ************* program *** ***********, *** ******** *** affected ****** ****** **** ** ********* (you *** *** *** ***** ** the **********’* ******), **** *** ***** being ********.
** *** ****** **** ******-*********. ********* fire *** ******** ********, **** ******* obsolescence ** ************ ** "******** *******" and ******** ********* (**** ** ** so *****). ***** *** ***** ******** rely ** ***** ******* **** *********, "certification" ** ****** *********** ** **** cases.
** ** ******** **** ** ******* to ********** ************ *******, ***** ***** is *** *****. ** *** **** time, ** ** *** **** **** in **** *** *** *** ** listed *******. ***** ** ******* ** keep ***** ** *****. ***** ******** operations *** * ***** ***** ******. Unanswered ******, ******** **** ***'* **** or ******. **** ******* ** *** fire ***** ***** **** ******** ******* to ****** ** ********** *******, *** almost ********* ** ***** **** **** process, ******** *********** ** ********* ** the ********** *** **** *** ** never ****** *****. * **** *** that *'** **** * *** ************* that ***'* ****** ** **** *** standards ****** **** ****** ***.
**** *** ****** **** ** ***** choice ** *** **** ** ** go ** ****** ** **** ******* everything ********* *** **** *** *** process.
** * **** **** *** ** morals (*'* ****** *****) *'* ***** to **** * "***-***-******" *** **** can ***** ** ** ** ********** while * ***** ********'* *****.
** **** ******* **** ********* ** several ******** **** **** * ******** insurance *********** **** ******** ** ****** monitoring *******. ***** **** ****'* ** certified, **** *** **** *** ** requirements. *** **** ** ** ************* was *** ****. ** ****** $*** from **** ** ***** *** ******* with ** ******* **** ** ***** end **** * *************. **** ***********'* requirements ** ***** *****, **** ** number & **** ** *******, **** often * **** ******** *** *** application ** ****. ***, ** *** developer/owner ****'* *** *** ** *** underwriters **** ** ******** *********** **** would **** ***** ******* *** *** entire *******.
* ***** **** ****** ** *** "mafia" ****** ** ** *** *** control **** ****, ** **** **** over ********* *** ******* *********.
********, ***** ****!
*** ******** ** **** *** **** just ***'* ****** * **** ***-****** entity? *** *******, ** ****** *** many ******** ** *******? **** **** to ** ****** ** **** *********?