Firms FESCO and Adecco establish collaborative endeavor in Shanghai, boosting human resources services within China's borders.
In a significant move, global HR solutions provider Adecco and Chinese HR services company FESCO have joined forces to establish a joint venture named FESCO Adecco. This strategic partnership aims to deliver comprehensive human resource, recruitment, and personnel solutions to clients in China.
The joint venture, FESCO Adecco (Shanghai) Co. Ltd., will commence operations on January 1, 2011, in Shanghai, the largest HR market in China. The collaboration combines Adecco's global staffing expertise with FESCO's localized knowledge and network in the Chinese market.
FESCO Adecco will provide clients with general staffing, professional staffing, outsourcing services, and management of payroll and benefits administration. The joint venture already boasts over 100,000 associates on assignment and access to a network of more than 100 branches throughout China.
Patrick De Maeseneire, CEO of Adecco's parent company, expressed optimism about China's HR services market, stating that the joint venture is an important step forward for Adecco in China. Ni Ying, President of FESCO Shanghai, added that the joint venture will introduce the latest managerial concepts and help FESCO expand its international client base within China.
Adecco, based in Zurich, Switzerland, is the world's leading provider of HR solutions with close to 32,000 FTE employees and more than 5,500 branches in over 60 countries and territories. The company is a Fortune Global 500 company.
FESCO and Adecco hold 51% and 49% of the equity in the joint venture respectively. The contact number for the corporate press office of Adecco's group is +41 (0) 44 878 89 89, and the contact email for the investor relations of Adecco's group is [email protected]. The contact email for the press office of Adecco's group is [email protected].
The joint venture aims to enhance its offering by leveraging Adecco's multinational expertise in the HR services industry. However, it is important to note that these forward-looking statements involve risks and uncertainties and could differ materially from current expectations. Factors that could affect the Company's forward-looking statements include global GDP trends, changes in regulation of temporary work, intense competition, integration of acquired companies, changes in ability to attract and retain personnel or clients, potential impact of IT disruptions, and adverse developments in existing commercial relationships.
As of the current release, Adecco's group has branches in four cities in China - Shanghai, Beijing, Guangzhou, and Chengdu. The Shanghai-based FESCO Adecco joint venture marks the first cooperation between these two leading companies.
References: [1] Adecco Group. (2010). Adecco and FESCO form joint venture to provide HR services in China. Retrieved from https://www.adecco.com/uk/en/newsroom/press-releases/2010/2010-12-09-adecco-and-fesco-form-joint-venture-to-provide-hr-services-in-china.aspx [2] Financial Times. (2010). Adecco and FESCO form joint venture to provide HR services in China. Retrieved from https://www.ft.com/content/13630d22-1034-11df-82d6-00144feab49a
- FESCO Adecco will offer permanent placement, outsourcing services, and temporary staffing solutions to businesses, leveraging the global staffing expertise of Adecco and the localized knowledge of FESCO.
- With more than 100,000 associates on assignment and over 100 branches throughout China, FESCO Adecco aims to invest in China's HR services market, expanding its international client base and introducing the latest managerial concepts.
- In a strategic move, Adecco, a Fortune Global 500 company and the world's leading provider of HR solutions, has partnered with FESCO to establish FESCO Adecco, a joint venture that specializes in personnel solutions, financial services, and business management.
