Right Management Consultants Acquires Career Transition and Executive Development Business From Manchester, Inc.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Dec. 16, 2003 Right Management Consultants, Inc. (NYSE NYSE See: New York Stock Exchange :RHT RHT Reinforced Heel and Toe (stockings) RHT Richtig Hartes Training RHT Atlantic Sharpnose Shark (FAO fish species code) RHT Retractable Hard Top (convertible autos) ) announced today that it has acquired substantially all the assets of Manchester, Inc.'s career transition and executive development business with 16 offices stretching from Boston to Atlanta. The purchase price consisted of cash of $8.0 million. Manchester operated as a business unit of MPS Group (NYSE:MPS) and generated revenue of $17.7 million for the nine months ended September 30, 2003. Right financed the purchase through borrowings under the revolver loan portion of its existing credit facility. Right's Chairman and Chief Executive Officer Richard Pinola said, "We are very pleased to have Manchester joining forces with Right's worldwide network of operations. This acquisition brings high quality people and many years of valuable experience and expertise in the career transition and executive development business to Right. Manchester has a great reputation and an impressive list of very loyal and long-time clients. We look forward to working together and partnering to provide excellent services for the clients Manchester serves." Peter D. Clark Peter D. Clark (born January 27, 1938 in Windsor, Ontario) was Regional Chair of Ottawa-Carleton from 1991-1997. He received a BComm degree from the University of Windsor in 1964 and an MBA from the University of Michigan in 1974. , President of Manchester, said, "We are excited to become part of Right's worldwide organization. This will enhance the services that can be provided to our clients, giving them access to additional resources, including technology, a global platform, and consulting expertise." About Right Management Consultants Right Management Consultants, Inc. is the world's leading career transition and organizational consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . It offers services to corporations of all sizes through a global network of more than 300 service locations and the Internet. The company is a worldwide leader in customized career transition solutions and also offers a wide range of organizational consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , including talent management, leadership development, and organizational performance Organizational performance comprises the actual output or results of an organization as measured against its intended outputs (or goals and objectives). Specialists in many fields are concerned with organizational performance including strategic planners, operations, services. In combination, the two lines of business enable Right to help businesses manage the entire lifecycle of their employees. On December 10, Right announced it had entered into an agreement to be acquired by Manpower Inc., a leader in the global staffing industry. Completion of this pending acquisition is expected in the first quarter of 2004, after which Right Management Consultants will function as a stand-alone entity, under the direction of current CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Richard Pinola, continuing to provide the career transition and organizational consulting services it now provides. Additional Information Manpower intends to commence an exchange offer and to file with the Securities and Exchange Commission (SEC) a Schedule TO and Registration Statement on Form S-4 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the exchange offer. Right intends to file a Solicitation/ Recommendation Statement on Schedule 14D-9 with the SEC relating to the exchange offer. Manpower expects to mail a Prospectus/Offer to Exchange and related offer materials to shareholders of Right, and Right expects to mail a Schedule 14D-9 to its shareholders. Investors and security holders are urged to read these documents carefully when they are available because they will contain important information about the transaction. Documents filed by Manpower with the SEC may be obtained without charge at the SEC's website at www.sec.gov and at Manpower's website at www.investor.manpower.com. Documents filed by Right with the SEC may be obtained without charge at the SEC's website and at Right's website at www.right.com. In addition to the Registration Statement on S-4, Schedule TO, Prospectus/Offer to Exchange and Schedule 14D-9, Right and Manpower file annual, quarterly and current reports, proxy statements Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and other information with the SEC. You may read and copy any reports, statements or other information filed by Right or Manpower at the SEC public reference room at 450 Fifth Street, N.W., Washington, D.C. 20549 or at any of the commission's other public reference rooms in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y. and Chicago, Ill. Please call the SEC at 800-SEC-0330 for further information on the public reference rooms. Right and Manpower filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the commission at www.sec.gov. Cautionary Statement Certain statements in this memo are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the timing and expected completion and benefits of the Manpower acquisition of Right. These statements are subject to a number of risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements. |
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