CDI's AndersElite UK Subsidiary Acquires Recruitment Business of Payroll Specialist Ship Shape Resources
PHILADELPHIA, Oct. 8, 2015 /PRNewswire/ -- CDI Corp. (NYSE: CDI) announced today that its UK subsidiary, CDI AndersElite, has acquired the recruitment business of London-based Ship Shape Resources, a privately held company that provides payroll solutions to the recruitment industry. Financial terms of the transaction were not disclosed. The acquisition is expected to be immediately accretive to earnings but not material to the company's financial performance.
"We have a long and well established reputation for providing the construction, civil engineering and rail sectors with high quality recruitment services," said Simon Trippick, Vice President of CDI International and Managing Director of CDI AndersElite, a professional services staffing business. "The addition of Ship Shape's six-person recruitment team, client relationships, and contractor database will enhance our expertise in the construction market. We also look forward to providing CDI AndersElite skilled contract and permanent staffing solutions to Ship Shape's clients in the residential construction sector."
Howard Hughes, CEO of Ship Shape Resources, commented: "CDI AndersElite is the right partner for our recruitment organization. This transaction ensures a smooth transition for our clients and contractors as we increase our focus on our core payroll activities and technology consulting services to the recruitment and construction industries."
About CDI
CDI Corp. (NYSE: CDI) provides client-focused engineering, information technology and staffing solutions. Our customers operate in a variety of industries, ranging from Oil, Gas & Chemicals to Aerospace & Industrial Equipment, and High Technology, and include corporate, federal, state and municipal entities. We serve customers through offices and delivery centers in the United States, Canada and the United Kingdom. We also provide staffing services through our global MRINetwork® of franchisees. Learn more about CDI at www.cdicorp.com
About CDI AndersElite
CDI AndersElite, a subsidiary of CDI Corp., is a professional services staffing business with regional offices across the UK. The firm provides permanent, temporary and contract recruitment services for a wide variety of clients across many industries, primarily in construction, housing and rail systems. Other industries supported by CDI AndersElite include: architecture, aerospace, facilities management, health and safety, information technology and town planning. The company is headquartered in Southampton, United Kingdom. Learn more at www.anderselite.com
About Ship Shape Resources
Shape Ship Resources provides leading payroll, compliance and accounting services to more than 80 UK recruitment agencies. The company's technology platform optimizes employment status while achieving full compliance management. Learn more at www.shipshaperesources.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. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking 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; the potential loss of key customers of Ship Shape as a result of the sale of the recruitment division to CDI; unforeseen costs and expenses relating to the integration of Ship Shape; budgetary pressures faced by Ship Shape's customers; weakness in general economic conditions and weakness or volatility in the financial and capital markets; the termination or non-renewal of a major customer contract; competitive market pressures; the availability and cost of qualified personnel; changes in tax laws and other government regulations; negative outcome of pending and future claims and litigation; and government policies, legislation or judicial decisions adverse to our businesses. More detailed information about these and other risks and uncertainties may be found in our filings with the SEC, particularly in the "Risk Factors" section of our Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our Form 10-Ks and Form 10-Qs. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We assume 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.
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