ACCUSTAFF ENTERS UNITED KINGDOM; ADDS $50 MILLION IN PROFESSIONAL SERVICES.JACKSONVILLE, Fla.--(BUSINESS WIRE)--June 3, 1997--AccuStaff Incorporated (NYSE NYSE See: New York Stock Exchange :ASI ASI, n See Anxiety Sensitivity Index. ), an international provider of strategic staffing, consulting and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services, today announced the acquisition of 100% of the stock of Badenoch & Clark Limited ("B&C"), one of the United Kingdom's leading providers of temporary professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. focusing on the placement of accounting, banking and legal personnel. The transaction is expected to be accretive to earnings per share. Terms of the transaction were not disclosed. Founded in 1980 by Alexander Badenoch, B&C had revenues in excess of $40 million for calendar year 1996, based on audited results and, based upon current run rates, is estimated to reach $50 million over the next twelve months. B&C is headquartered in London with additional offices in Birmingham, Croydon, Manchester, Watford, and recently in Leeds. B&C's target markets include banking and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , commercial, and industrial, legal and professional practices, and the public sector. Both Mr. Badenoch and B&C's Managing Director, Deirdra Moynihan will continue with the company and will be part of the Professional Services division clients. Deirdra Moynihan, Managing Director of Badenoch & Clark, commented, "AccuStaff's backing provides us with the resources and expertise of the leading U.S. provider of specialist staffing services. The deal is a vote of confidence for all our employees and demonstrates AccuStaff's commitment to the development of Badenoch & Clark as a strategic platform for further expansion." AccuStaff Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Derek E. Dewan de·wan n. Any of various government officials in India, especially a regional prime minister. [Hindi d said, "The acquisition of Badenoch & Clark marks a major milestone in the growth in AccuStaff. We were fortunate to find such a well run and diversified diversified (di·verˑ·s professional staffing firm. B&C's revenues are spread across a wide client base in both industries and size. No one client exceeded five percent of 1996 revenues and temporary staffing comprised approximately 93% of 1996 revenues. We believe it is both the right time to enter the United Kingdom and that we found the right company. We will continue to selectively look for attractive opportunities throughout Europe and in particular the United Kingdom, while proceeding with our aggressive acquisition strategy in the U.S. AccuStaff's success is based on our Company of Specialist philosophy of providing a full range of staffing services to our clients and our goal would be to offer this highest level of service to our clients in all the markets we serve." AccuStaff Incorporated is an international provider of business services, including consulting, outsourcing, training, and strategic staffing services, to leading businesses. Headquartered in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. , the Company has over 900 branch, franchise, and associated offices in 45 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Canada and the United Kingdom. Statements made in this press release, other than those concerning historical information, should be considered forward- looking and subject to various risks and uncertainties. The Company's actual results may differ materially from the results anticipated in these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as a result of certain factors set forth under Risk Factors and elsewhere in the Company's reports on Forms 10-K, 10-Q and 8-K made under the Securities Exchange Act of 1934. For instance, the Company's results of operations may differ materially from those anticipated in the forward-looking statements due to, among other things: management's ability to effectively integrate the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
CONTACT: AccuStaff Incorporated, Jacksonville Michael D. Abney or Derek E. Dewan, 904/725-5574 |
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