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Olympia Flexgroup AG (ETR:AOU), the temporary employment and in-house services group, has today announced the sale of Spanish subsidiary Olympia Empleo ETT to French temporary employment group Synergie SA with effect from 1 January 2010.
The sale is regarded as a strategy adjustment, which had been planned and announced in advance.
Olympia Empleo ETT has offices in Galicia, Catalonia and Andalusia. The agency specialises on the services sector, in particular call centres. The expected turnover for 2009 is 35 million Euro.
Synergie said in a statement "this acquisition significantly reinforces Synergie's position in Spain and will take our number of offices in Spain to 34 agencies. Our turnover [in Spain] will triple to 70 million Euro in 2010."
"The acquisition was completely auto-financed and is part of our European development strategy."