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Hudson sells Dutch subsidiary

December 21 2007
The Hudson Highland Group Inc. (NASD: HHGP) said it sold Dutch subsidiary Hudson Human Capital Solutions BV to Workx! Holding BV for $700,000 in cash and up to $300,000 more in future earn-outs. Workx! is controlled by the former Hudson management of this business.

Hudson said it will record a gain on the sale of $5.0 million and the deal will not have an impact on the company's fourth-quarter guidance.

Hudson Human Capital Solutions works only in the Dutch reintegration market, helping the unemployed find jobs. However, Hudson said, changes in Dutch legislation have led to a decline in demand for services. The company reported revenue of $18.7 million in 2006, down from $30.9 million in 2005.

This is the second recent overseas sale for Hudson. In October the company announced the sale of its Australian trade and industrial business.

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