Adecco Announces Sale of Jobpilot to Monster Worldwide.Business Editors CHESEREX, Switzerland--(BUSINESS WIRE)--April 23, 2004 The Board of Directors (the "Board") of Adecco S Adecco S.A. is the largest human resources company in the world, based in Glattbrugg, Switzerland. The company was formed in 1996 as a result of the merger of the French company Ecco and the Swiss Adia Interim, and currently has over 6600 offices in over 75 countries worldwide. .A. ("Adecco") announces that the Company has completed the sale of 100% of the issued and outstanding share capital of jobpilot GmbH ("jobpilot") to Monster Worldwide Monster Worldwide NASDAQ: MNST is the parent company for Monster.com; it also owns other well-known websites such as Military.com, Tickle.com and Fastweb.com. Company Overview Inc. ("Monster") for a total purchase price of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 74.5 million net of cash disposed. As consideration, Adecco has received one million Monster shares valued at approximately EUR 23.4m and EUR 51.1m in cash. As a result of the sale, Adecco will record a book gain of approximately EUR 20m in the second quarter of 2004. The Board decided last year to review strategic alternatives for jobpilot after recognizing that a jobsite was more suited to an interactive company than to Adecco's core staffing business. The Company developed AdeccoWeb, its on-line recruitment and placement capability, as an integrated part of its staffing business. Chief Executive Officer Jerome Caille said, "We purchased jobpilot to complement our staffing services offering. As the business model evolved more towards interactive services, we made a decision to sell the business, in parallel with the staffing industry who have also disposed of their jobsite businesses. Indeed, Monster arrived at a similar conclusion through spinning-off its staffing businesses and focusing on developing its on-line businesses." Caille further added, "Monster represents a good home for the business to continue to pursue its growth strategy, and jobpilot management are fully supportive of the sale." Founded in 1995, jobpilot is a leading European on-line job-board with operations in 11 countries. Adecco acquired the business in May 2002 for approximately EUR 60m net of EUR 12m cash acquired. jobpilot reported unaudited net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of EUR 26.9m in 2003. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco S.A. (the "Company") as of the date of this release, and we assume no duty to update any such forward-looking statements. Factors that could affect the Company's forward-looking statements include, among other things: the outcome of the independent investigation on behalf of the Audit and Finance Committee of the Company's Board of Directors or of investigations by governmental agencies or stock exchanges; the pace of economic recovery in various regions and the demand for temporary staffing; the impact and result of any litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. (including private litigation); any adverse developments in existing commercial relationships, disputes or legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. ; volatility of the Company's stock price; intense competition in the markets in which the Company competes; and negative reactions from the Company's stockholders, creditors or vendors with respect to any of the foregoing matters. The statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Please refer to the Company's Annual Report on Form 20-F for the year ended December 29, 2002, and other reports filed with or submitted to the U.S. Securities and Exchange Commission from time to time, for a further discussion of the factors and risks associated with our business. About Adecco Adecco S.A. is a Forbes 500 company and the global leader in HR Solutions. The Adecco Group network connects 650,000 associates with business clients each day through its network of 28,000 employees and 5,800 offices in 68 territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, the Adecco Group delivers an unparalleled range of flexible staffing and career resources to corporate clients and qualified associates. Following today's sale, the Adecco Group comprises three Divisions, Adecco Staffing, Ajilon Professional and LHH LHH League for the Hard of Hearing LHH Laguna Honda Hospital (San Francisco, California) LHH L-Band HH LHH Lutheran Hospice of Hope Career Services. In Adecco Staffing, the Adecco staffing network focuses on flexible staffing solutions for global industries in transition, including automotive, banking, electronics, logistics and telecommunications; Ajilon Professional offers an unrivalled range of specialised consulting and project management businesses and LHH Career Services encompasses our portfolio of outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. and coaching. Adecco S.A. is registered in Switzerland and its shares (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. : CH0012138605) are listed on the Swiss Stock Exchange with trading on Virt-x (SWX/VIRT-X:ADEN), the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange :ADO) and Euronext Paris Euronext Paris is France's securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. - Premier Marche (EURONEXT: ADE). Additional information is available at the Company's website at www.adecco.com. |
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