FESCO and Adecco set up Joint Venture in Shanghai
FESCO and Adecco set up Joint Venture in Shanghai to enhance HR service offerings in China
Adecco Group, the worldwide leader in Human Resource services, has set up a joint venture in Shanghai with FESCO, one of the leading HR service companies in China. Under the terms of the joint venture, FESCO and Adecco hold 51% and 49% of the equity respectively. Pooling Adeccos global staffing know-how with a Chinese partner is an important step forward to take advantage of the growth potential in China.
Beijing Foreign Enterprise Human Resources Service Co. Ltd. (FESCO), one of the leading HR service companies in China, and Adecco, the worlds leading provider of HR solutions, have formed the joint venture FESCO-Adecco Human Resources Services (Shanghai) Co. Ltd. (FESCO Adecco). Under the terms of the joint venture, FESCO and Adecco hold 51% and 49% of the equity respectively.
The Shanghai-based joint venture, FESCO Adecco, will begin operations as of January 1, 2011. Shanghai is the largest HR market in China. The newly formed joint venture already today has over 100,000 associates on assignment, and has access to a network of more than 100 branches throughout China with a large and established local and multinational client base. FESCO Adecco will mainly provide clients with general staffing, professional staffing and outsourcing services including the management of payroll and benefits administration, with scope to enhance its offering, benefiting from Adeccos multinational expertise in the HR services industry.
Combining FESCOs local know-how and well-established branch network with Adeccos global presence in over 60 countries and broad portfolio of services, the joint venture is well-positioned to support Chinese companies not only locally, but also in their global expansion. The Shanghai-based FESCO Adecco joint venture is the first cooperation between these two leading companies and lays a solid foundation for further cooperation.
President of FESCO Shanghai, Ni Ying, commented: The joint venture will not only introduce the latest managerial concepts and exchange platforms for FESCO, but also help FESCO attract and expand its international client base within China. Optimistic about Chinas HR services market, Patrick De Maeseneire, CEO of the Adecco Group remarked: This is an important step forward for Adecco in China and underlines our strategic focus on the rapidly growing emerging markets. Pooling our global staffing know-how with a Chinese partner enhances the offering for our multinational client base, expanding into China. At the same time, we are excited to broaden our Chinese customer base and take advantage of the growth potential within China.