Temporaries Inc., a Washington-based temporary help service company, and National Education Corp. of California have mutually agreed to terminate negotiations on a proposed acquisition of Temporaries.
Barry Wright, Temporaries' founder and president, declined to elaborate on the decision to terminate the discussions, which began late last year.
"We just couldn't find suitable terms," Wright said.
Although there apparently is no formal agreement to reconsider a possible acquisition of Temporaries at a later date, it hasn't been ruled out, Wright indicated.
"We left the door open but for right now we've decided to terminate the negotiations," Wright said.
NEC is a $100 million-a-year company with headquarters in Newport Beach, Calif. It specializes in vocational and industrial training and educational publishing.
NEC had proposed acquiring Temporaries for more than $30 million in cash and stock.
A preliminary agreement that Wright signed last December called for him to remain chief executive of Temporaries and for the headquarters of the 27-city temporary-help company to remain in Washington.
Wright emphasized yesterday that he plans to continue operating the company in much the same manner as he has in recent years. He said that includes plans for offices in more cities as well as expansion of territory served by some of Temporaries' present offices.
Temporaries Inc. opened its first office here in 1969 as a provider of temporary office workers. In 1977 it added a medical division, Hospital Temporaries, to provide part-time personnel for hospitals and nursing homes.