Kelly Services Inc. (NASD: KELYA) and Japan-based staffing giant Temp Holdings Co. Ltd. entered into a joint venture deal to expand both firms' presence in the North Asian countries of China, Hong Kong, Taiwan and Korea. The firms already have a strategic alliance — Kelly President and CEO Carl Camden sits on Temp Holdings' board — and the new joint venture marks an evolution of that, according to the companies.
The joint venture will be based in Hong Kong, and the agreement calls for Temp Holdings' "Tempstaff Hong Kong" operation to change its name to "TS Kelly Workforce Solutions" effective in October.
Temp Holdings Executive Managing Director Toshio Saburi will serve as CEO of the joint venture.
Temp Holdings brings its expertise in the North Asian staffing market along with a well-established client base of Japanese-headquartered firms, according to the companies. Kelly brings its base of clients doing business in North Asia as well as expertise in talent supply chain management.
"The joint venture with Temp Holdings confirms Kelly's commitment to strengthening our talent supply chain in the rapidly growing North Asia market," Camden said. "Many of our global clients have a strong presence in this market and are seeking diversified workforce solutions that offer them a competitive edge."
Kelly's and Temp Holdings' existing alliance began in 2010. Kelly ranks as the world's fifth-largest staffing firm, and Temp Holdings ranks as the 10th-largest.