Aramark, Philadelphia, recently announced that its Board of Directors approved the previously announced tax-free spin-off transaction of its uniforms and workplace supplies business, which will be named Vestis. The spin-off is expected to be completed on Sept. 30, and will be effected through a pro rata distribution of the common stock of Vestis Corp., according to a news release.
“This approval is an important milestone in establishing two distinct companies, both with a clear strategy for long-term value creation,” said Aramark CEO John Zillmer. “Aramark will continue to operate as a global leader in food and facilities services, and Vestis will provide exceptional uniform and workplace supplies solutions under CEO Kim Scott.”
Vestis is being established as an independent, publicly traded company, and currently operates under Aramark as Aramark Uniform Services. The company’s comprehensive service offering includes a full-service uniform rental program, cleanroom and other specialty garment processing, floor mats, towels, linens, managed restroom services, first-aid supplies and more.
To read the full release, click here. For more information on the new name, click here.
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