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Randstad Holding (RAND:AEX), the world's second largest staffing firm,
has agreed to sell its Aerospace business, now part of YACHT TECCON in Germany and France, to Segula IndustrieHansa Deutschland GmbH for an undisclosed amount.
Over the years, YACHT TECCON's Aerospace business has distanced itself from Randstad's core expertise mainly driven by certain industry trends, which require moving into risk-sharing partnerships.
Segula IndustrieHansa is focused on becoming one of the leading forces in this market segment, where the know-how and expertise of YACHT TECCON's Aerospace business is highly valued. The divestment enables Randstad and YACHT TECCON to focus on core segments such as IT Services and also to develop new business lines in the future. In 2010, the Aerospace business generated revenues of around 45 million Euro.
The completion of this transaction is expected in Q4 2011, and subject to customary closing conditions. The transaction does not have a material impact on Randstad's earnings nor on its financial position.
Deal metrics were not made available.