Zurich, Switzerland, October 16, 2008: Adecco S.A. ("Adecco"), the worldwide leader in HR services, today announces that Adecco in France has informed the French Works Councils on its plans to align the cost base to current market developments. As a consequence, Adecco plans to reduce its headcount in France by up to 600 full time equivalents (FTEs).
As announced in the Q2 2008 results release, aligning the cost base with revenue developments continues to be at the forefront of management's priorities. Given the regulatory framework in France, which requires consultation with the French Works Councils, Adecco today informed official bodies on the necessity to align the cost base to current market developments. As a consequence, Adecco France, Adia France and Adecco Corporate France plan to reduce the combined headcount by up to 600 FTEs. Local management in France is committed to continue the social dialogue with trade unions and the French Works Councils.
In order to structurally improve the French business and to align the cost base to market conditions, Adecco expects to invest approximately EUR 35 million. This investment will cover a full set of measures for the proposed reduction of FTEs. At the same time, Adecco continues to structurally optimize the branch network in France and will use this investment to merge approximately 75 branches.
The local French release can be downloaded at www.adecco.fr
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco S.A. as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company's forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company competes; changes in the Company's ability to attract and retain qualified temporary personnel; the resolution of the French anti-trust procedure and any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.
Adecco S.A. is a Fortune Global 500 company and the global leader in HR services. The Adecco Group network connects over 700,000 associates with clients each day through its network of over 36,500 employees (FTEs) and over 6,700 offices in over 60 countries and territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, the Adecco Group delivers an unparalleled range of flexible staffing and career resources to clients and associates.
Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) and listed on the Swiss Stock Exchange with trading on SWX Europe (SWX: ADEN) and the Euronext Paris (EURONEXT: ADE).
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