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EXHIBIT 2.4
FOR IMMEDIATE RELEASE
Friday, December 29, 2000
AHL SERVICES, INC. CLOSES SALE OF AVIATION
AND FACILITY SERVICES BUSINESSES
ATLANTA, GA, DECEMBER 29, 2000--AHL Services, Inc., (NASDAQ:AHLS) a leading
provider of outsourced business services in the United States and Europe, today
announced that it has closed the previously announced sale of its U.S. and
European aviation and facility services businesses for $185 million in cash to
Securicor, a business services company headquartered in the United Kingdom. The
final purchase price is subject to adjustment based on 2001 actual performance
with a range of $175 million to $210 million. Net after-tax proceeds will be
used to retire debt and to pursue strategic investment opportunities in
marketing services and European staffing.
Edwin R. Mellett, Vice Chairman and Co-Chief Executive Officer of AHL said, "AHL
looks forward to accelerating growth in both our marketing services and European
staffing businesses. Both markets are large and growing with higher margins than
our aviation and facility services businesses. In addition, AHL has significant
presence in these highly fragmented markets that will serve as platforms to
build clear leadership positions."
AHL SERVICES, INC.
AHL Services, Inc., headquartered in Atlanta, GA, is a leading provider of
outsourced business services including marketing services within the United
States and skilled and semi-skilled staffing services in Europe. Marketing
services includes the integrated fulfillment of products, promotions and trade
materials, customer service, information management and merchandising services.
AHL's European staffing services include electricians, welders, plumbers,
assembly workers and other light industrial workers. For additional information
about AHL Services visit our Web page at www.ahls.com.
Except for historical information, all of the statements, expectations and
assumptions contained in the foregoing are forward-looking statements that
involve a number of risks and uncertainties that could cause actual results to
differ materially. Factors which could affect the Company's actual results
include general economic conditions, pricing actions taken by competitors, labor
relations, regulatory changes, integration of acquisitions, changes in
international trade and other laws which impact the way in which the Company
conducts its business.
Investor Contact: Ronald J. Domanico
Executive Vice President and Chief Financial Officer
404-267-2222
