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Strategic establishment in Germany with the acquisition of GMW

Strategic establishment in Germany with the acquisition of GMW

SYNERGIE announces the acquisition of 100% of the capital of GMW, a human resources management company based in Germany, in the Baden-W&uumlrttemberg region.

The company will be added to the SYNERGIE group perimeter on 1 September 2011.

Thanks to its financial strength and its significant level of available cash, SYNERGIE has self-financed this operation.

GMW, a reference role-player in one of Germany's most dynamic regions Created in 1977, GMW, whose head office is in Karlsruhe, has 16 agencies and a diversified portfolio of clients in industry and the tertiary sector, with many key account references and a strong presence amongst SME-SMI. A region where the industrial fabric is one of the most dynamic in Germany, Baden-W&uumlrttemberg is also home to the biggest names in the automotive industry (Daimler, Porsche, Bosch, Audi).

The GMW company anticipates a turnover of &euro35 million for 2011, a 45% increase compared to 2010.

Opening of the German market and strengthening of the European influence Germanyhas a solid economy and one of the lowest unemployment rates in Europe. The temporary work market is growing strongly in the Baden-W&uumlrttemberg region. With this project, SYNERGIE (with a turnover of &euro689 million as at 30 June 2011, an increase of 25.5% relative to 2010) is extending its international coverage to the powerhouse of the European economy, while also confirming its ambition to become one of the TOP 5 European role-players in human resources management.

"This acquisition in Germany means that we're strengthening our presence in Europe as we now have a network of 570 agencies spread across 14 countries, while also confirming our position as the European specialist in human resources management. We plan to continue this external growth strategy in order to accelerate our development on the international stage, where our objective is to generate 50% of the Group turnover by the end of 2012," says Daniel Augereau, Chairman and managing director of SYNERGIE.

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