MSX International, Inc. Acquires Interest in Italian Staffing Companies
12 July 1999
MSX International, Inc. Acquires Interest in Italian Staffing Companies
AUBURN HILLS, Mich., July 12 -- MSX International, Inc.
announced today that it has acquired an interest in Quandoccorre S.r.I. and
Quandoccorre Interinale S.p.A., two affiliated Turin, Italy companies with
1998 combined revenues in excess of $10 million.
MSX International is a leading provider of technology-driven engineering,
staffing and business services with the capability to provide services on a
worldwide basis. Quandoccorre S.r.I. provides consulting services on a
project basis, while Quandoccorre Interinale S.p.A. is one of a limited number
of companies licensed to provide staffing services, principally to Italian
industry. The companies will pursue complementary opportunities for growth.
MSX International also expects to expand its engineering and product
development support capabilities in Italy through the relationship.
Quandoccorre S.r.I. was founded in 1994 to provide a broad range of
consulting services, including administrative and contractual assistance,
communication and promotional projects, research, and training of personnel.
Quandoccorre Interinale S.p.A. was founded in 1998 after new Italian staffing
legislation was adopted to provide temporary employment services to its
customers through its Turin, Naples, Milan and Pordenone offices.
Roger Fridholm, President of MSX International's Business, Technology and
Staffing Services Division commented, "Our investment in QR and QI increases
our presence in the expanding Italian business services and staffing
industries. Italy is liberalizing its commercial regulations to align with
practices that are becoming uniform throughout Europe. QR and QI are in the
forefront of these changes. We currently have a technical training operation
in Rome. We believe our investment in QR and QI, which could expand to 100%
ownership, increases our ability to support our current customers in Italy and
gives us a platform for further growth, both in Italy and internationally."
Calogero Mazzara, principal shareholder and founder of both QR and QI, is
Chairman of the two companies. He added that, "We look forward to a close
association with MSX International, as it will bring an added dimension to the
services we can provide our customers. We are optimistic this will result in
MSX International eventually acquiring the balance of the companies. QR and
QI have excellent relationships with our customers and, in collaboration with
MSX International, they have superb growth prospects."
With annual sales exceeding $1 billion, MSX International employs more
than 12,000 professional staff and contract personnel at over 60 operating
locations in 23 countries worldwide. MSX International offers its customers a
wide range of technology-based services, both on-site and off-site, including
product engineering and manufacturing engineering services; contract and
temporary staffing; training services; purchasing support services; electronic
document and information storage and retrieval services; process improvement
consulting services; and marketing support services.
This document contains statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are not guarantees of future
performance and involve significant risks and uncertainties. Actual results
may vary materially from those in the forward-looking statements as a result
of any number of factors, many of which are beyond the control of management.
These important factors are discussed in MSX International's filings with the
Securities and Exchange Commission.
MSX International headquarters is in Auburn Hills, Michigan. Visit MSX
International's website at http://www.msxi.com. MSX International news
releases are also available at http://www.prnewswire.com.