ACCUSTAFF REACHES AGREEMENT TO ACQUIRE THE MCKINLEY GROUP, INC., AN INFORMATION TECHNOLOGY SERVICES CONSULTING COMPANY.JACKSONVILLE, Fla.--(BUSINESS WIRE)--June 18, 1996--AccuStaff Incorporated (Nasdaq/NM:ASTF ASTF Arab Science and Technology Foundation (United Arab Emirates) ASTF Aeropropulsion Systems Test Facility ASTF Aerospace Structures Test Facility ASTF Australian Standard Transfer Form ASTF A Suit That Fits ), a national provider of strategic staffing and outsourcing services, today announced that it has reached an agreement to acquire 100% of the stock of The McKinley Group, Inc. in a transaction that will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The McKinley Group provides a full range of technology services, including project management and temporary technical and consulting personnel to corporate users of large and complex computer Systems. These include expert services to improve systems used for manufacturing, distribution, warehousing, transportation, logistics planning and other supply chain functions. Terms of the agreement were not disclosed. Headquartered in Front Royal, Virginia Front Royal is a town in Warren County, Virginia, United States. The population was 13,798 as of 2006. It is the county seat of Warren CountyGR6. Geography Front Royal is located at (38.925768, -78. , near Washington, D.C., with an office in Atlanta, The McKinley Group was formed in 1987. The company has a very high-quality customer base of generally large, growing companies, including GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) , United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. , Ericsson, Kaiser Permanente Kaiser Permanente is an integrated managed care organization, based in Oakland, California, founded in 1945 by industrialist Henry J. Kaiser and physician Sidney R. Garfield. , and Celanese Canada, among others. James Wayland, current president, will continue in his present capacity and report to AccuStaff's Information Technology Group. Revenues are estimated to be in excess of $28 million for calendar year 1996. Commenting on the announcement, Wayland said, "Today's clients are seeking technology service providers that can apply technology to benefit the business process. Their focus has shifted to improving their utilization of capital, creating significant demand for the expert services and systems in which we specialize. Teaming with AccuStaff will enable us to increase market share, expand the range of services we offer, and increase operating efficiencies." Derek E. Dewan de·wan n. Any of various government officials in India, especially a regional prime minister. [Hindi d , President and Chief Executive Officer of AccuStaff, said, "We are excited about the acquisition of The McKinley Group. The Information Technology sector of our industry is rapidly expanding due to the proliferation and complexity of computer hardware and software technologies. Our goal is to become the market leader in offering total staffing solutions to these corporations. We now have a network of 26 information technology service offices and a national staffing center as well. This makes us a comprehensive information technology services provider for our growing customer base." Dewan also said he expects the momentum of AccuStaff's acquisition pace would continue to be strong. "We have several negotiations in process, and expect to report on additional acquisitions in the near future," he said. AccuStaff is a leading national provider of strategic staffing and outsourcing services to businesses, professional and service organizations and governmental agencies. After giving effect to this and other recent acquisitions, the Company will operate 164 branch offices in 26 states and 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). . AccuStaff is organized into three divisions: the Commercial division, the Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. division, and the Telecommunications division. CONTACT: AccuStaff Incorporated, Jacksonville Michael D. Abney or Derek E. Dewan, 904/725-5574 |
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