Adecco Buys Germany's Tuja For EUR800M -2-

   June 18, 2007 01:01 ET (05:01 GMT)- - 01 01 AM EDT 06-18-07

-2 of 4- 18 Jun 2007 05:02:00 UTC  *DJ Adecco Buys Tuja For Around EUR800M>CH0012138605
(MORE TO FOLLOW) Dow Jones Newswires

   June 18, 2007 01:02 ET (05:02 GMT)- - 01 02 AM EDT 06-18-07

-3 of 4- 18 Jun 2007 05:05:00 UTC  DJ Adecco Buys Germany's Tuja For EUR800M >ADO
Edited Press Release

   ZURICH (Dow Jones)--Swiss staffing company Adecco SA (ADEN.VX) said Monday it signed an agreement to acquire 100% of Tuja Group for a total consideration of around EUR800 million.

   With this transaction, Adecco significantly strengthens its position in the German temporary staffing market, one of the fastest growing of its kind in the industry worldwide.

   June 18, 2007 01:05 ET (05:05 GMT)- - 01 05 AM EDT 06-18-07

-4 of 4- 18 Jun 2007 05:07:00 UTC  DJ Adecco Buys Germany's Tuja For EUR800M -2-
Edited Press Release

   Dieter Scheiff, CEO of the Adecco Group, said: "This is an important day for Adecco. I consider the German market as one of the most interesting ones in our industry. With only 1% temporary staffing penetration, this market benefits from structural changes and thus promises sustainable growth."

   Peter Jackwerth and Thomas Bäumer, CEO and COO of Tuja Group added: "We are very pleased to become part of the Adecco Group. We are convinced that together with Adecco we can better sustain our strong growth in revenues and earnings, while offering exciting perspectives to our associates and colleagues." The two successful entrepreneurs are committed for the upcoming years to stay with Adecco and secure its future success.

   With estimated revenues of around EUR650 million in 2007, Tuja Group is one of the leading temporary staffing companies in Germany. Management expects an operating income before amortization (EBITA) of approximately EUR63 million for 2007. Through a network of 630 colleagues and 127 branches throughout Germany (105), Switzerland (11) and Austria (11), Tuja Group offers specialized and general staffing services mainly to the automotive, aerospace and metal industries.

   Details of the transaction Adecco takes over 100% shares of the Tuja Group (97% now, 3% end of 2007) and around EUR200 million of net debt representing a total consideration (enterprise value) of around EUR800 million, which is mainly cash financed. This translates into an enterprise value / EBITA multiple of 12.8x. The acquisition will be earnings enhancing in 2007.

   Taking into account Tuja Group's impressive earnings growth over the last years combined with the strong market potential in Germany, the management is pleased with the addition of Tuja Group to the Adecco Group. The transaction is subject to regulatory approval from the responsible anti-trust authorities.

   Company Web Site: http://www.adecco.com

   -Zurich Bureau, Dow Jones Newswires; +41 43 443 8040; zurichdjnews@dowjones.com

   June 18, 2007 01:07 ET (05:07 GMT)- - 01 07 AM EDT 06-18-07