Adecco announced on Jan. 3 that it will buy Japan-based VSN Inc. for an enterprise value of 90 million euros ($116.8 million) to double its exposure to professional staffing services in the world’s second-largest staffing market. Adecco, which competes with Manpower Inc. and Dutch group Randstad Holding NV, has seen its general staffing business continue to outpace its more lucrative professional staffing business in recent quarters, which has weighed on margins. “The deal makes sense from a strategic point of view and will add some 11% to 12% to Adecco Japan revenues, but less than 1% to group sales,” Vontobel analyst Michael Foeth said in a note. VSN Inc. is focused on the engineering sector.
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