Date: Dec 20, 2010 Source: (
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PHILADELPHIA, Dec.
20, 2010
--
CDI Corp. (NYSE: CDI) announced today that it has acquired the business of
DSPCon, Inc., an engineering and software development firm headquartered in Bridgewater, New Jersey. With
approximately 40 employees, DSPCon creates, sells and services real
-
tim
e data acquisition and analysis
systems used widely in the mechanical design validation of jet engines and satellites. DSPCon also creates
and produces embedded systems for turbo
-
machinery performance monitoring and mechanical failure
prediction.
DSPCon b
ecomes part of the CDI
-
Aerospace vertical organization within the CDI Engineering Solutions
division. Financial terms of the cash transaction were not disclosed. The acquisition is expected to be accretive
to earnings in 2011.
"The acquisition of DSPCon a
dds an important testing and analytical component to our aerospace engineering
services portfolio and particularly complements our airframe and propulsion systems engineering capabilities,"
said Denny Vito, Executive Vice President of CDI
-
Aerospace.
"CDI
-
Aerospace offers us a terrific platform to expand distribution of our hardware and software solutions, but
even more importantly it provides a great environment for the creative growth of our technical, engineering and
scientific teams as we create innovat
ive technologies to improve our customers' testing, monitoring and design
initiatives," added Al Brower, DSPCon President & CEO.
About CDI
Headquartered in Philadelphia, CDI Corp. (NYSE: CDI) is a leading provider of engineering and information
technology
outsourcing solutions and professional staffing. Its operating units include CDI Engineering
Solutions, CDI IT Solutions, CDI AndersElite Limited, and Management Recruiters International, Inc. With
offices throughout North America as well as joint venture
s in Kuwait and Mexico, the CDI Engineering Solutions
division provides engineering outsourcing, project management and professional services to Global 1000
clients in the aerospace, government services, infrastructure, life sciences and process & industri
al markets.
Visit CDI at
www.cdicorp.com
.
Caution Concerning Forward
-
Looking Statements
This news release contains forward
-
looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements that
address expectations or projections about the future are forward
-
looking statements, including statements regarding the impact of this acquisition on
CDI's financial results. These forward
-
looking statements are not guarantees of future
performance and involve a number of risks, uncertainties and
assumptions that are difficult to predict. Because these statements are based on estimates and assumptions that are subject t
o significant business,
economic and competitive uncertainties, many
of which are beyond our control or are subject to change, actual outcomes and results may differ
materially from what is expressed or forecasted in these forward
-
looking statements. Important factors that could cause
actual results to differ materially fro
m the forward
-
looking statements include, but are not limited to: the risk that the expected benefits of this acquisition
are not realized; difficulties in integrating the acquired business with CDI and realizing anticipated synergies; the potenti
al loss o
f key customers,
employees and vendors of the acquired business as a result of the sale of the business to CDI; unforeseen costs and expenses
relating to the
integration of the acquired business; weakness in general economic conditions and levels of capita
l spending by customers in the industries that we
serve; and the possibility of incurring liability for our and DSPCon's performance on customer contracts. More detailed infor
mation about some of these
and other risks and uncertainties may be found in our
filings with the SEC, particularly in the "Risk Factors" section of our latest Form 10
-
K. Readers
are cautioned not to place undue reliance on these forward
-
looking statements, which speak only as of the date hereof. CDI assumes no obligation to
update suc
h statements, whether as a result of new information, future events or otherwise, except as required by law
