Spherion Corp. acquires Todays Staffing
Spherion Corp. (NYSE: SFN), a recruiting and staffing company, reported today that it is acquiring Todays Staffing, Inc. from CDI Corp. for $40 million in cash.
Dallas, Texas-based Todays Staffing, a 25-year-old staffing and recruiting company centered on the clerical segment, focuses on small and mid-size accounts in the United States and Canada. Todays Staffing booked revenues of approximately $150 million over the 12 months ending June 30, 2007 and had gross profit margins of approximately 23%.
Spherion expects the transaction will close by the end of the third quarter and the integration of Todays Staffing will be substantially complete by the end of 2007. The transaction is expected to be accretive in 2008.
Shares of Spherion (SFN) fell $1.31, or 13.80%, to $8.18 in Thursday afternoon trading.
