SOURCE: Hudson Highland Group, Inc.

October 02, 2007 08:00 ET

Hudson Highland Group Agrees to Divest Trade and Industrial Recruitment Unit in Australia

NEW YORK, NY--(Marketwire - October 2, 2007) - Hudson Highland Group, Inc. (NASDAQ: HHGP) today announced that it has signed a definitive agreement to sell its Trade and Industrial business in Australia for $3.0 million to the Skilled Group. Hudson will also retain approximately $4.0 million in net assets, primarily receivables. The transaction is expected to close in approximately 30 days.

This transaction represents the company's exit from the Australian blue-collar labor market, no longer core to its long-term business strategy of specialized professional recruitment and talent management solutions. Hudson will treat the Trade and Industrial business as a discontinued operation in the third quarter of 2007.

"Given its industrial focus, Skilled Group represents a better, long-term opportunity for the continued growth of our Trade and Industrial team and business," said Jon Chait, chairman and chief executive officer at Hudson Highland Group. "This transaction also allows Hudson to further focus on our specialized, professional recruitment segments moving forward."

For the year ended December 31, 2006, the Trade and Industrial business had revenue of $44.4 million, gross margin of $6.4 million and operating income of $2.3 million. For the year ended December 31, 2005, the Trade and Industrial business had revenue of $50.4 million, gross margin of $6.8 million and operating income of $2.5 million.

About Hudson Highland Group

Hudson Highland Group, Inc. (NASDAQ: HHGP) is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs more than 3,600 professionals serving clients and candidates in more than 20 countries. More information is available at

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Contact Information

  • Contact:
    David F. Kirby
    Hudson Highland Group
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