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Aker Kvaerner Acquires Ellayess From Kvaerner

Aker Kvaerner logoEllayess, one of the world's largest specialised recruitment agencies has been sold by Kvaerner to Aker Kvaerner. Providing high quality engineering professionals on temporary and project assignments, Ellayess will add valuable flexibility to Aker Kvaerner and allow the group to adjust its cost base more easily and quickly when markets change.

As part of Kvaerner and under Kvaerner management, Ellayess has grown to become a leading provider of contract personnel to a wide range of industries. The merger of Kvaerner's Lawrence Allison and the former Aker Maritime's Aker International Resource groups in 2003 was an important milestone in its restructuring.

For Aker Kvaerner reduction of fixed costs is a key priority. Access to temporary personnel with the right competencies at the right time is important to meet this objective. During 2004. Aker Kvaerner hired around one thousand specialists from Ellayess, up from around 700 on average last year.

Operating from ten recruitment centres around the world, Ellayess has around one hundred thousand engineering professionals in its files. The company's operating revenues in the first nine months this year was NOK 827 million. Earnings before interest, tax and amortisation (EBITA) were NOK 23 million in that same period. EBITA for 2003 and 2002 was NOK 20 and NOK 19 million respectively.

The transaction valued Ellayess at NOK 284 million and was settled with effect from 31 December 2004 as part of the post-restructuring pro and contra agreement between Kvaerner and Aker Kvaerner.

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Posted 08/01/05

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