Manpower Inc. to Acquire Jefferson Wells International

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Date: April 24, 2001 at 09:26:54
From: webmaster
Subject: Manpower Inc. to Acquire Jefferson Wells International

MILWAUKEE, April 24 /PRNewswire Interactive News Release/ --
Manpower Inc. (NYSE: MAN) today announced that it has reached a definitive
agreement to acquire Jefferson Wells International, Inc., a rapidly growing
professional services provider of internal audit, accounting, technology and
tax services.
"Jefferson Wells fills a unique market niche between financial staffing
companies and the Big 5 public accounting firms," said Jeffrey A. Joerres,
president and CEO of Manpower Inc. "At a time when companies worldwide are
experiencing a dramatic increase in their need for financial professionals, we
believe Jefferson Wells provides us with many expanded and new service
offerings that will be very attractive to our customers," he added.
Under the terms of the agreement, Manpower Inc. will pay $174 million to
purchase Jefferson Wells, inclusive of debt assumed in the transaction. "In
the next 12 months, Manpower expects Jefferson Wells to generate in excess of
$175 million in revenues, with substantially higher gross profit margins than
Manpower's core business," Joerres noted.
According to Joerres, Manpower will continue to operate the firm under the
Jefferson Wells brand, which will serve as a platform for continued growth and
expansion.
"We believe strongly in the Jefferson Wells business model, and we intend
to operate and grow the firm as an independent operating subsidiary," Joerres
stated. "As such, the integration process will be minimal, and will allow
Jefferson Wells to continue executing its current business plan."
Jefferson Wells president and CEO, Don A. Bobo, will continue to run the
firm, reporting directly to Joerres. "Manpower is a great fit for our
organization, both strategically and culturally," said Bobo. "Our
entrepreneurial cultures will allow us to continue building on our successful
professional services business model, and at the same time, strengthen the
diversity of Manpower's services," he added.
Jefferson Wells has 1,500 employees and serves clients worldwide through
its 24 offices located in the United States and Canada.
According to Joerres, Manpower plans to retain all current Jefferson Wells
employees and continue operating all of the firm's current offices. "The
talented people of Jefferson Wells were an important consideration in our
decision to acquire the firm," said Joerres.
Jefferson Wells International is a professional services firm that is
widely recognized as a high value alternative to national public accounting
firms and financial staffing companies for a range of non-attest operating,
consulting and training solutions. The firm's practice areas include internal
audit, accounting, technology and tax. Previously operating under the name
AuditForce, Inc., the firm changed its name to Jefferson Wells International,
Inc. on June 1, 2000 to reflect its growing range of services. More
information about Jefferson Wells can be found at its Web site,
http://www.jeffersonwells.com
Manpower Inc. is a world leader in the staffing industry, providing
workforce management services and solutions to customers through 3,700 offices
in 59 countries. The firm annually provides employment to more than
2.7 million people worldwide and is an industry leader in employee assessment
and training. Manpower also offers organizational performance consulting
services worldwide through its independent operating division, The Empower
Group. More information on Manpower Inc. can be found at the company's Web
site, http://www.manpower.com . More information can also be found about The
Empower Group at its Web site, http://www.empowergrp.com
This news release contains statements, identified by use of the words,
"expects," "believes," "intends" or the like, that are forward-looking in
nature and, accordingly, are subject to risks and uncertainties regarding
Manpower Inc.'s expected future results. The Company's actual results may
differ materially from those described or contemplated in the forward-looking
statements. Factors that may cause the Company's actual results to differ
materially from those contained in the forward-looking statements can be found
in the Company's reports filed with the SEC, including its Annual Report on
Form 10-K for the year ended December 31, 2000, which information is
incorporated herein by reference.

MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X69928584

SOURCE Manpower Inc.
Web Site: http://www.manpower.com

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