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Belcan Acquires CDI's Aerospace & Industrial Equipment Business Unit and Certain Related Aerospace Staffing ContractsBelcan, LLC ("Belcan"), a global supplier of engineering, technical recruiting, and information technology (IT) services to the aerospace, defense, industrial, and government services markets, today announced the acquisition of the Aerospace & Industrial Equipment business unit of CDI Corporation ("CDI"), including certain related aerospace staffing contracts (collectively the "CDI Aerospace Assets"). Terms of the transaction, which closed on December 11, were not disclosed. CDI's Aerospace Assets deliver engineering and recruitment solutions for a broad range of aerospace platforms, from large commercial aircraft to the military's most advanced rotorcraft, fighter jets, missiles, and unmanned systems. Services include mechanical and electrical systems design, drafting, engineering analysis, software design and verification, validation and testing, technical support, advanced engineering analysis, safety-critical embedded systems, test and validation support, tooling design and development, and contract and full-time staffing services for key OEMs across the United States and Canada. "The acquisition of CDI's Aerospace Assets is an excellent strategic fit and will add tremendous value to our customers," said Lance Kwasniewski, Chief Executive Officer of Belcan. "We look forward to combining our collective rich histories and talented workforces to create a leading engineering and technical services platform in the aerospace market." "We believe this is truly n excellent outcome for both companies," said Michael Castleman, President & CEO of CDI. "Belcan provides our aerospace-related employees and clients with additional resources, scale and dedication to the aerospace and industrial markets. This transaction also enables CDI to have greater focus on our remaining business, continuing our relentless pursuit of delivering growth and value to our clients and stakeholders." Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers (News - Alert) LLP served as financial advisor to Belcan. Buckingham, Doolittle & Burroughs, LLC served as legal advisor and Alvarez & Marsal served as financial advisor to CDI.
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