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Adecco Still Keen On Acqusitions

Adecco Still Keen On Acqusitions

Adecco has opportunities for acquisitions but will keep financial discipline, says its chief executive in a press interview. "Right now, we have a window, because companies are reasonably valued," Patrick de Maeseneire told the Financial Times, adding Adecco had the advantage of a strong balance sheet.
"We can finance our growth, both organically and through acquisitions," he said, without naming possible targets.

Adecco, said in August it would boost its professional staffing business with the buy of Britain's Spring Group for 108 million. Despite signs of a recovery among European staffing firms, analysts warn they are trading at too high a price given the likelihood of persistent economic weakness.

Last month Adecco said it had launched a fresh round of cost-cutting after posting a sharp drop in second-quarter sales. "The fundamentals are not there yet. Because we haven't seen a real pick-up yet, we have to continue to take out costs," de Maeseneire said.

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