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Swedish staffing firm Uniflex (UFLXB: STO) has eyed up the German staffing market for a while and is about to establish its presence in one of Europe’s largest staffing industries, the firm announced on Wednesday morning.
“We have been examining the German market for a long time, and we believe that now is a good time to start there. We see great potential in the German market,” said Uniflex CEO, Jan Bengtsson. The company will also start looking for a new head to lead the German business.
Uniflex expects its German branch to be profitable in 2014. Last year, the firm announced plans to shut down its UK recruitment business after finances remained poor in the country.
The staffing company was also hit by a decline in economic activity during the third quarter of 2012 with revenue falling by -4%.
But the news was welcomed by shareholders this morning as the company’s stock price rose +1.5% in early trading to SEK 34.50.
Uniflex, one of the biggest staffing firms in Scandinavia and listed among the 70-largest staffing companies in Europe, provides recruitment services to a number of sectors including industry, warehousing, construction, electricity, customer services, sales, management, cleaning and retail.