Monster Worldwide Completes Acquisitionof ChinaHR
Acquisition strengthens Monster's presence in China and across Asia
BEIJING--(BUSINESS WIRE)--Oct. 7, 2008--Monster Worldwide, Inc.
(NASDAQ: MNST), the parent company of Monster(R), the leading global
online careers and recruitment resource, today announced that it has
completed its acquisition of ChinaHR, creating a leading force in
online recruitment in China and across Asia. This acquisition in one
of the fastest growing recruitment markets in the world reflects
Monster's expanding international presence and reinforces Monster's
position as the leading global online recruitment resource.
Under the terms of the transaction, Monster paid $174 million US
Dollars in cash for the remaining 55% stake in ChinaHR.
"This is a significant day for Monster and ChinaHR and the
customers we serve," said Sal Iannuzzi, Chairman, President and Chief
Executive Officer of Monster Worldwide. "Independently, each company
is a respected industry leader and together we will provide employers
in China with increased recruitment productivity, by delivering more
qualified candidates to help fulfill their talent needs. This
acquisition will create one of the most comprehensive portfolios of
products and services that bridge the gulf between employers and
people in search of the best career opportunities."
The acquisition of the remainder of ChinaHR gives Monster a
dominant presence in one of the world's fastest growing recruitment
marketplaces. In the first half of 2008, China created more than 6.4
million jobs. To support this growth, ChinaHR currently operates 12
offices across the countries major markets, including Beijing,
Shanghai, Guangzhou and Shenzhen.
Monster Worldwide has an unparalleled international reach and a
local presence in key markets in North America, Europe, Asia, and
Latin America, connecting employers with quality job seekers at all
levels. This acquisition will allow Monster to serve its customers,
not only in China, but on a global basis seamlessly.
Edward Lo, Executive Vice President, Monster Greater China will
immediately take over as the interim CEO of ChinaHR while maintaining
his current regional responsibilities of driving Monster's overall
growth in the greater China region. Mr. Lo brings over thirty years of
leadership experience to Monster, working in Asia and the United
States. He joined Monster in early 2008 from AIG Investment (Asia)
Corp., where as Managing Director and COO, he successfully guided the
company's operations in 13 Asian countries. Prior to that, he served
as Deputy CEO and COO of Union Bank of Hong Kong following a nearly
25-year career with Bankers Trust Company split between the US and
"Monster and ChinaHR have successfully worked together for several
years and together bring over 20 years of combined experience to the
online recruitment market," said Mr. Edward Lo. "We will continue to
help employers make strategic hiring decisions, while also helping
seekers find better jobs to create a better life."
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of
Monster(R), the premier global online employment solution for more
than a decade, strives to inspire people to improve their lives. With
a local presence in key markets in North America, Europe, Asia and
Latin America, Monster works for everyone by connecting employers with
quality job seekers at all levels and by providing personalized career
advice to consumers globally. Through online media sites and services,
Monster delivers vast, highly targeted audiences to advertisers.
Monster Worldwide is a member of the S&P 500 index and the NASDAQ 100.
To learn more about Monster's industry-leading products and services,
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Litigation Reform Act of 1995: Except for historical information
contained herein, the statements made in this release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Such forward-looking statements involve certain risks and
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Inc.'s strategic direction, prospects and future results. Certain
factors, including factors outside of Monster Worldwide's control, may
cause actual results to differ materially from those contained in the
forward-looking statements, including economic and other conditions in
the markets in which Monster Worldwide operates, risks associated with
acquisitions, competition, seasonality and the other risks discussed
in Monster Worldwide's Form 10-K and other filings made with the
Securities and Exchange Commission, which discussions are incorporated
in this release by reference.
Monster Worldwide, Inc.
Robert Jones, 212-351-7032
Steve Sylven, 978-461-8503