TACOMA, Wash.--(BUSINESS WIRE)--April 16,
2008--TrueBlue, Inc. (NYSE:TBI) announced it
has entered into an agreement to acquire
Personnel Management, Inc. (PMI), a light
industrial staffing company, for
approximately $19 million. The acquisition
will expand TrueBlue's presence in the light
industrial staffing niche.
Founded in
1986, PMI provides light industrial staffing
to warehousing, manufacturing and
distribution clients. The company serves the
marketplace through 43 branches located in
Indiana, Kentucky, Tennessee, Georgia, South
Carolina, North Carolina, Florida, Michigan,
and Texas.
Since acquiring Spartan Staffing in 2004,
TrueBlue has expanded its light industrial
business from nine branches to 31 branches.
The PMI acquisition will bring the total
number of light industrial branches to 74.
"PMI will expand our reach into key,
adjacent markets where Spartan Staffing
operates with long-standing relationships
with clients and experienced, tenured branch
employees," said TrueBlue CEO Steve Cooper.
"The strong management teams at PMI and
Spartan Staffing will enable us to continue
the growth of our light industrial
platform."
Cooper added, "The acquisition of PMI
will accelerate our strategy of becoming the
leader in blue-collar staffing and is an
excellent addition to our family of brands."
TrueBlue expects the PMI transaction to
close at the end of April 2008 and to pay
for the transaction in cash.
This news release contains
forward-looking statements, such as
statements about the ranges of revenues,
gross margins and net income anticipated for
future periods, improvements in safety and
workers' compensation claims and costs,
strategies for increasing revenue and net
income, and other factors that may affect
TrueBlue's financial results and operations
in the future. TrueBlue's actual results
are, however, subject to a number of risks,
including without limitation the following:
1) national and global economic conditions,
including the impact of changes in national
and global credit markets and other changes
on TrueBlue customers; 2) TrueBlue's ability
to continue to attract and retain customers
and maintain profit margins in the face of
new and existing competition; 3) potential
new laws and regulations that could have a
materially adverse effect on TrueBlue's
operations and financial results; 4)
significant labor disturbances which could
disrupt industries TrueBlue serves; 5)
increased costs and collateral requirements
in connection with TrueBlue's insurance
obligations, including workers' compensation
insurance; 6) the adequacy of TrueBlue's
financial reserves; 7) TrueBlue's continuing
ability to comply with financial covenants
in its lines of credit and other financing
agreements; 8) TrueBlue's ability to attract
and retain competent employees in key
positions or to find temporary employees or
skilled trade workers to fulfill the needs
of our customers; 9) TrueBlue's ability to
successfully complete and integrate
acquisitions that it may make from time to
time; 10) TrueBlue's ability to timely
execute strategies for acquired companies;
and 11) other risks described in TrueBlue's
filings with the Securities and Exchange
Commission, including its most recent Form
10-K and Form 10-Q filings.
About TrueBlue
TrueBlue (NYSE: TBI) is the leading
provider of blue-collar staffing with sales
of nearly $1.4 billion in 2007. Each year,
TrueBlue connects approximately 600,000
people to work through the following brands:
Labor Ready (general labor), Spartan
Staffing (light industrial), and CLP
Resources, PlaneTechs and TLC Drivers
(skilled trades). Headquartered in Tacoma,
Wash., TrueBlue serves more than 300,000
small to mid-sized businesses in the
construction, warehousing, hospitality,
landscaping, transportation, light
manufacturing, retail, wholesale,
facilities, sanitation, and aviation
industries. For more information, visit
TrueBlue's website at
http://www.TrueBlueInc.com.