Press Release Archive
Investor Contact: Teri Miller
Media Contact: Kip Havel
FOR IMMEDIATE RELEASE
SPHERION COMPLETES DIVESTITURE OF UNITED KINGDOM OPERATIONS
FORT LAUDERDALE, Fla., August 3, 2004 — Spherion Corporation (NYSE: SFN) today announced that it has successfully completed the planned divestiture of its staffing and recruitment operations in the United Kingdom. The Company received $29 million of cash proceeds and will record the transaction in the third quarter of 2004.
Roy Krause, Spherion president and chief operating officer commented, “In March we announced plans to focus our growth strategy on North America, the largest staffing market in the world. These plans included divestiture of several non-core businesses in Europe and Australia. The sale of our United Kingdom operations substantially completes our divestiture plans, strengthens our balance sheet and allows us to re-deploy capital and other resources to further strengthen our position as a premier provider of staffing and recruitment services in North America.”
Spherion Corporation is a leader in the staffing industry in North America, providing value-added staffing, recruiting and workforce solutions. Spherion has helped companies improve their bottom line by efficiently planning, acquiring and optimizing talent since 1946. To learn more, visit www.spherion.com.
This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. Factors that could cause future results to differ from current expectations include risks associated with: Competition - our business operates in highly competitive markets with low barriers to entry; Economic conditions - a significant economic downturn could result in our clients using fewer temporary employees or the loss or bankruptcy of a significant client could materially adversely affect our business results; Changing market conditions - our business is dependent upon the availability of qualified personnel; Corporate strategy - we may not achieve the intended effect of our business strategy; Technology investments – our investment in technology initiatives may not yield their intended results; Tax filings – regulatory challenges to our tax filing positions could result in additional taxes; Debt Compliance- Failure to meet certain covenant requirements under our credit facility could impact part or all of our availability to borrow; Litigation - we are a defendant in a variety of litigation and other actions from time to time and we may be exposed to employment–related claims and costs; Other - government regulation may increase our costs; business risks associated with international operations could make those operations more costly; failure or inability to perform under customer contracts could result in damage to our reputation and give rise to legal claims; certain contracts contain termination provisions and pricing risks; the disposition of our discontinued operations may create future liabilities related to contract indemnifications; and managing or integrating any future acquisitions may strain our resources. These and additional factors discussed in this release and in Spherion’s filings with the Securities and Exchange Commission could cause the Company’s actual results to differ materially from any projections contained in this release.