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Staffing agency Olympia Flexgroup AG, which in January 2010 applied for an insolvency regime due to the inability to pay debts as they fall due, has sold its German operations Olympia Personaldienstleistungen GmbH to the Netherlands-based staffing agency Otto Work Force.
Otto Work Force specialises in the provision of temporary staff from Poland, Slovakia and the Czech Republic.
Otto Work Force CEO Frank van Gool said, "the acquisition of Olympia Germany fits perfectly into our growth strategy. We are working hard on our European expansion and the German market is a perfect growth market for us, especially in view of the opening of the German borders to temporary employees from Eastern Europe in 2011."
Olympia Germany has 32 offices and is headquartered in Dusseldorf. 60% of its temporary staff are employed in industry and logistics, 40% are employed in administrative functions.
Olympia Germany's Managing Director Michael Schlatmann said, "I am very pleased with the acquisition by Otto Work Force. International recruitment is a nice addition to our current services."