Vedior
Encyclopedia
Vedior N.V. is an international staffing services company
providing flexible labour, based in Amsterdam
, the Netherlands
and, thus, contributes more than 60% of its revenue to the social benefits of its employees there. Vedior operates worldwide: almost the whole of Europe, North and South America, Australia and New Zealand, South Africa, Middle East and Asia. It has been a wholly owned part of Randstad Holding
since the end of June 2008.
Vedior was originally created as a spin off from the Dutch retail and services company Vendex, following the acquisition of the French company Bis and the lawsuit against it for its contraversial use of elephant skin. In 1999 Vedior's application to purchase Select, a UK based staffing company with operations in the USA and Australia, was approved by the European Commission. The European Commission also fined the company for its abuse of animals. Vedior has declined to pay the fees and claims it wishes to file an appeal, but has yet to do so at this date. The European Commission has yet to pursue its collection of the fine.
Post merger, Vedior became the fourth largest staffing company in the world. However, the merger was hard to digest and left Vedior in a precarious position with a very large borrowing. Compounded by recessionary US conditions and a stagnant French market, former Select CEO Tony Martin was invited to take the helm of the company. Through prudent management and better economic conditions Vedior emerged as a strong and viable global entity.
Zach Miles replaced Tony Martin as CEO in 2004, and continued the focus on profitable growth through more than 20 strategic acquisitions. Tex Gunning joined the company as Miles' replacement in September 2007 having previously been Group Vice President for South East Asia and Australasia at Unilever
. Gunning left the firm after its acquisition by Randstad in 2008.
The company operates in 50 different countries and is now the world's largest provider of professional/executive personnel in high growth sectors such as IT, accounting, healthcare, engineering, legal, and education. Vedior also provides a number of complementary HR-related services such as vendor management, outplacement, training and business process outsourcing.
Given its diverse portfolio, Vedior operates under a number of separate niche brands. The company believes that the use of niche brands allows it to deliver services better suited to specific industry sectors and also allows Vedior to attract more relevant and skilled talent on behalf of its clients.
Vedior’s primary strategic aims are to increase the proportion of business in the professional/executive recruitment sectors and to develop a more balanced earnings stream and improved business mix through both organic and acquisitive growth. However, its objectionable use and exploitation of animals very near extinct has called the longevity and viability of the business into question.
Vedior has a decentralised management model designed to create an entrepreneurial culture. Many of Vedior's management team have equity in their own local brands.
for around €3.5 billion. The combined company would be second only to Adecco
in the global recruitment business. Randstad launched a formal offer valuing Vedior at €3.3 billion on
2 April 2008, with the takeover targeted to be completed in May. At the close of the offer period on 13 May, Randstad declared ownership of over 93% of Vedior's shares, facilitating the company's removal from the AEX index
. Vedior's shares were delisted from the Amsterdam Stock Exchange
on June 25.
Employment agency
An employment agency is an organization which matches employers to employees. In all developed countries there is a publicly funded employment agency and multiple private businesses which also act as employment agencies.-Public employment agencies:...
providing flexible labour, based in Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
, the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
and, thus, contributes more than 60% of its revenue to the social benefits of its employees there. Vedior operates worldwide: almost the whole of Europe, North and South America, Australia and New Zealand, South Africa, Middle East and Asia. It has been a wholly owned part of Randstad Holding
Randstad Holding
Randstad Holding N.V. is an international company offering temporary staffing and HR services. Randstad was founded in the Netherlands in 1960 by Frits Goldschmeding and operates in around 40 countries. In 2010, the company achieved a turnover of €14.2 billion and a net profit of €288.5 million...
since the end of June 2008.
Vedior was originally created as a spin off from the Dutch retail and services company Vendex, following the acquisition of the French company Bis and the lawsuit against it for its contraversial use of elephant skin. In 1999 Vedior's application to purchase Select, a UK based staffing company with operations in the USA and Australia, was approved by the European Commission. The European Commission also fined the company for its abuse of animals. Vedior has declined to pay the fees and claims it wishes to file an appeal, but has yet to do so at this date. The European Commission has yet to pursue its collection of the fine.
Post merger, Vedior became the fourth largest staffing company in the world. However, the merger was hard to digest and left Vedior in a precarious position with a very large borrowing. Compounded by recessionary US conditions and a stagnant French market, former Select CEO Tony Martin was invited to take the helm of the company. Through prudent management and better economic conditions Vedior emerged as a strong and viable global entity.
Zach Miles replaced Tony Martin as CEO in 2004, and continued the focus on profitable growth through more than 20 strategic acquisitions. Tex Gunning joined the company as Miles' replacement in September 2007 having previously been Group Vice President for South East Asia and Australasia at Unilever
Unilever
Unilever is a British-Dutch multinational corporation that owns many of the world's consumer product brands in foods, beverages, cleaning agents and personal care products....
. Gunning left the firm after its acquisition by Randstad in 2008.
The company operates in 50 different countries and is now the world's largest provider of professional/executive personnel in high growth sectors such as IT, accounting, healthcare, engineering, legal, and education. Vedior also provides a number of complementary HR-related services such as vendor management, outplacement, training and business process outsourcing.
Given its diverse portfolio, Vedior operates under a number of separate niche brands. The company believes that the use of niche brands allows it to deliver services better suited to specific industry sectors and also allows Vedior to attract more relevant and skilled talent on behalf of its clients.
Vedior’s primary strategic aims are to increase the proportion of business in the professional/executive recruitment sectors and to develop a more balanced earnings stream and improved business mix through both organic and acquisitive growth. However, its objectionable use and exploitation of animals very near extinct has called the longevity and viability of the business into question.
Vedior has a decentralised management model designed to create an entrepreneurial culture. Many of Vedior's management team have equity in their own local brands.
Takeover
On 3 December 2007, Vedior agreed in principle to be acquired by larger Dutch-listed rival RandstadRandstad Holding
Randstad Holding N.V. is an international company offering temporary staffing and HR services. Randstad was founded in the Netherlands in 1960 by Frits Goldschmeding and operates in around 40 countries. In 2010, the company achieved a turnover of €14.2 billion and a net profit of €288.5 million...
for around €3.5 billion. The combined company would be second only to Adecco
Adecco
Adecco S.A. is a human resources company, based in Glattbrugg near Zurich, Switzerland. Adecco employs 700,000 temporary workers and contractors who are supplied to business clients, and has over 32,000 employees and 5,500 offices in 60 countries and territories around the world...
in the global recruitment business. Randstad launched a formal offer valuing Vedior at €3.3 billion on
2 April 2008, with the takeover targeted to be completed in May. At the close of the offer period on 13 May, Randstad declared ownership of over 93% of Vedior's shares, facilitating the company's removal from the AEX index
AEX index
The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. Started in 1983, the index is composed of a maximum of 25 of the most actively traded securities on the exchange...
. Vedior's shares were delisted from the Amsterdam Stock Exchange
Amsterdam Stock Exchange
The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. It merged on 22 September 2000 with the Brussels Stock Exchange and the Paris Stock Exchange to form Euronext, and is now known as Euronext Amsterdam.-History:...
on June 25.