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February 7, 2013
07:42 EDTMWWMonster Worldwide comments on corporate restructuring program
The company is implementing its previously announced corporate restructuring program to focus on its core business and reduce its cost structure in order to improve profitability and cash flow. Since the announcement of the restructuring on November 8, 2012, the company has implemented the following actions: Completed the sale of ChinaHR to Saongroup, under which Monster has taken a 10% minority stake in the combined China business of Saongroup. Exited operations in Brazil, Mexico and Turkey and classified these businesses as discontinued operations in the fourth quarter and full year results. Redeployed expenses into marketing and sales in Monster’s core markets, while reducing the run rate of operating expenses. Monster is on track to reduce operating expenses by approximately $130M on an annualized basis. Sees pre-tax charges of $27M-$27M in 1H13. “On the strategic alternatives front, the process continues and we will respond quickly if an opportunity arises. We are not able to anticipate when or whether our Board will have a concrete transaction to consider and we will only comment further if and when this occurs,” CEO Sal Iannuzzi concluded.
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