Kelly Services Expands Operations in China and Singapore With Acquisition of P-Serv
Company Increases Global Network to 33 Countries and TerritoriesTROY, MI, May 30, 2007 -- Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leading human resources solutions provider, today announced it has acquired P-Serv, a company specializing in temporary staffing, permanent staffing, outsourcing and executive search with operations in China, Hong Kong and Singapore. The acquisition increases Kelly's global footprint to 33 countries and territories. Estimated full year 2007 revenue is approximately $12 million.
Established in 1990, P-Serv has offices in Hong Kong, Singapore and seven China cities, including Chengdu, NanChang, Shanghai, Beijing, Suzhou, Guangzhou, and Shenzhen. P-Serv has a stellar reputation for providing customized solutions in human resources and outsourcing for temporary, contract and full-time positions. P-Serv also provides overseas placement, business process outsourcing and call center management services.
In 2006, China's staffing market was estimated at $2 billion. It is expected to reach $2.5 billion in 2007. As foreign investment in China increases, rapid growth in the staffing market is projected due to high demand for specialized, credentialed talent and efficient human resources solutions.
"The acquisition of P-Serv strengthens our global network and enhances our ability to provide wide-ranging talent management solutions to our customers as they expand globally," said Carl Camden, president and chief executive officer of Kelly Services. "The growth in China's staffing market is poised to accelerate. Through our strategic and phased expansion into the Asia Pacific markets, Kelly is well-positioned to participate in this tremendous growth cycle."
As part of the transaction, Paul Ng, P-Serv's managing director, will join Kelly Services as senior director and general manager for Greater China. Wong Poh Swan, P-Serv's general manager, will join as director and general manager of P-Serv Singapore.
"We are delighted to join the Kelly organization. Employees of P-Serv will tap into the resources, learning and experience of a world leader with more than 60 years of solid performance," said Paul Ng, senior director and general manager of Greater China for Kelly Services. "Through Kelly's global network and comprehensive human resources solutions, P-Serv will successfully meet the evolving needs of our customers. It is truly a win-win partnership."
About Kelly Services, Inc.
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 33 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, creative services, light industrial, education, and health care. Revenue in 2006 was $5.5 billion. Visit www.kellyservices.com.
Contact via http://www.marketwire.com/mw/emailprcntct?id=E3FF91BE73F01B8A
Contact via http://www.marketwire.com/mw/emailprcntct?id=1AFE009CF274295D
SOURCE: Kelly Services