Kelly Services Acquires Tempstaff Kelly Joint Venture
Company Increases Investment in Japan
TROY, MI, Mar 28, 2007 -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a global staffing solutions provider, today announced it will acquire the remaining shares of Tempstaff Kelly, a joint venture originally created with Sony Corporation and Tempstaff, the second largest staffing company in Japan. With the purchase of Tempstaff's 51 percent ownership share, Kelly Services will now have 100% ownership and will direct all Tempstaff Kelly operations effective April 1, 2007. Full year 2007 revenue is estimated at $40 million.
Tempstaff Kelly, headquartered in Minato-ku, Tokyo, was the first ever tri-party staffing services company in Japan. Launched in September 2005, Tempstaff Kelly provides general temporary employment, recruitment, HR consulting and outsourcing services to the Sony Corporation and other companies. In October 2006, Kelly Services acquired the Sony Corporation's 40 percent ownership interest in Tempstaff Kelly.
"We're extremely pleased with the success of our joint venture with Tempstaff," said Carl Camden, chief executive officer of Kelly Services. "The purchase of Tempstaff Kelly continues our strategic, phased expansion into key Asia Pacific markets, and we look forward to offering Kelly's portfolio of professional, technical and staffing alternative brands."
Kei Itakura, country manager for Kelly Japan, will oversee all day to day operations.
About Kelly Services
Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB) is a Fortune 500 company headquartered in Troy, Mich., offering staffing solutions that include temporary staffing services, outsourcing, vendor on-site and full-time placement. Kelly operates in 32 countries and territories. Kelly provides employment to more than 750,000 employees annually, with skills including office services, accounting, engineering, information technology, law, science, marketing, light industrial, education, and health care. Revenue in 2006 was $5.6 billion. Visit www.kellyservices.com.
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SOURCE: Kelly Services, Inc.