Aramark said Wednesday that the spinoff of its uniforms and workplace supplies business, which will be named Vestis, has been approved and is expected to be...
Aramark ARMK, -2.17% said Wednesday that the spinoff of its uniforms and workplace supplies business, which will be named Vestis, has been approved and is expected to be completed on Sept. 30. the food, facilities management and uniforms company said holders of Aramark shares will receive on Vestis common stock for every two Aramark shares they own as of Sept. 20. Vestis shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “VSTS” on Oct. 2.
“This approval is an important milestone in establishing two distinct companies, both with a clear strategy for long-term value creation,” said Aramark Chief Executive 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.” Aramark’s stock, which was still inactive in premarket trading, has dropped 8.
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