Unedited news and product information from vendors.
CDI Acquires the Business of DSPCon
Dec 20, 2010 (03:12 PM EST)
Adds Testing and Analytic Capabilities in Aerospace Engineering Vertical
PHILADELPHIA, Dec. 20, 2010 /PRNewswire-FirstCall/ -- 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-time 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 becomes 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 adds 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 innovative technologies to improve our customers' testing, monitoring and design initiatives," added Al Brower, DSPCon President & CEO.
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 ventures 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 & industrial 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 to 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 from 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 potential loss of 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 capital 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 information 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 such statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE CDI Corp.