Spherion, Todays Staffing, RPO, Acquisition
Spherion Completes Todays Staffing Acquisition
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Spherion Corporation (NYSE: SFN) announced October 1, 2007, that the company has closed the previously announced transaction to acquire Todays Staffing from CDI Corp. (NYSE: CDI) for cash of $40 million which was funded from Spherion's existing cash resources. Working capital received at closing was approximately $13 million. The cash purchase price represents approximately 4X proforma EBITDA for the twelve months ended June 30, 2007, adjusted for estimated back office synergies of $5 million. The transaction is expected to be accretive to net earnings in 2008.
Roy Krause, Spherion's president and chief executive officer commented, "We are very pleased to have added Todays Staffing, with its outstanding reputation, to our portfolio of service offerings. Our integration plan is well under way and should be substantially completed by the end of 2007. We will use the Todays Staffing brand and platform to accelerate our small to midsized customer growth strategy especially in the retail clerical market segment."
ABOUT SPHERION
Spherion Corporation is a leading recruiting and staffing company that provides integrated solutions to meet the evolving needs of companies and job candidates. As an industry pioneer for more than 60 years, Spherion has screened and placed millions of individuals in temporary, temp-to-hire and full-time jobs. Positions range from administrative and light industrial to a host of professions that include accounting/finance, information technology, engineering, manufacturing, legal, human resources and sales/marketing.
With approximately 650 locations in the United States and Canada, Spherion delivers innovative workforce solutions that improve business performance. Spherion provides its services to more than 8,000 customers, from Fortune 500 companies to a wide range of small and mid-size organizations. Employing nearly 300,000 people annually through its network, Spherion is one of North America's largest employers. To learn more, visit http://www.spherion.com/.
ABOUT TODAYS STAFFING
Dallas, Texas-based Todays Staffing, Inc. was founded in 1982 and has more than 60 locations throughout the United States and Canada. Todays provides temporary, temporary to permanent and permanent clerical, administrative, legal and financial staffing to a wide range of clients.
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