{"id":787264,"date":"2023-10-02T06:32:03","date_gmt":"2023-10-02T10:32:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/aramark-completes-spin-off-of-vestis\/"},"modified":"2023-10-02T06:32:03","modified_gmt":"2023-10-02T10:32:03","slug":"aramark-completes-spin-off-of-vestis","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/aramark-completes-spin-off-of-vestis\/","title":{"rendered":"Aramark Completes Spin-Off of Vestis\u2122"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Aramark Completes Spin-Off of Vestis\u2122<\/b><\/p>\n<p>PHILADELPHIA&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAramark (NYSE: ARMK), today announced that it has completed the spin-off of Vestis Corporation (\u201cVestis\u201d), which holds Aramark\u2019s uniform and workplace supplies business. Vestis is now an independent public company. Aramark will continue to trade on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cARMK\u201d and, effective today, Vestis will begin \u201cregular-way\u201d trading on the NYSE under the symbol \u201cVSTS.\u201d<\/p>\n<p>\n\u201cThis is an exciting day for Aramark. The successful spin-off of Vestis is a tremendous opportunity for both Aramark and Vestis to independently build long-term value through a focused commitment to serve customers and deliver on strategic priorities that leverage our core strengths and expertise,\u201d said Aramark\u2019s Chief Executive Officer, John Zillmer.<\/p>\n<p>\nThe spin-off was completed through a distribution to Aramark stockholders of one share of Vestis common stock for every two shares of Aramark common stock held as of the close of business on September 20, 2023, the record date for the distribution. Cash will be delivered in lieu of any fractional shares of Vestis stock. Vestis shares were distributed at 12:01 a.m. Eastern Time on September 30, 2023, in a distribution that is intended to be tax-free to Aramark stockholders for U.S. federal income tax purposes, except with respect to cash received in lieu of fractional shares.<\/p>\n<p>\nGoldman, Sachs &amp; Co. LLC and J.P. Morgan Securities LLC acted as financial advisors. Wachtell, Lipton, Rosen &amp; Katz served as legal counsel.<\/p>\n<p><b>About Aramark<\/b><\/p>\n<p>\nAramark (NYSE: ARMK) proudly serves the world\u2019s leading educational institutions, Fortune 500 companies, world champion sports teams, prominent healthcare providers, iconic destinations and cultural attractions, and numerous municipalities in 18 countries around the world with food and facilities management. Because our culture is rooted in service, our employees strive to do great things for each other, our partners, our communities, and the planet. Aramark has been recognized on FORTUNE\u2019s list of \u201cWorld\u2019s Most Admired Companies,\u201d DiversityInc\u2019s \u201cTop 50 Companies for Diversity\u201d and \u201cTop Companies for Supplier Diversity,\u201d Newsweek\u2019s list of \u201cAmerica\u2019s Most Responsible Companies 2023,\u201d the HRC\u2019s \u201cBest Places to Work for LGBTQ Equality,\u201d and scored 100% on the Disability Equality Index. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.aramark.com&amp;esheet=53566730&amp;newsitemid=20231002711764&amp;lan=en-US&amp;anchor=www.aramark.com&amp;index=1&amp;md5=3ed767a5369ab36ff491e9430b1df960\">www.aramark.com<\/a> and connect with us on LinkedIn, Facebook, X (formerly known as Twitter), and Instagram.<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. These forward-looking statements are sometimes identified from the use of forward-looking words such as \u201cbelieve,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201canticipate,\u201d \u201caim,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cforecast,\u201d \u201ctarget,\u201d \u201cis likely,\u201d \u201cwill,\u201d \u201ccan,\u201d \u201cmay\u201d or \u201cwould\u201d or the negative of these terms or similar expressions elsewhere in this press release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements, including those risks and uncertainties detailed from time to time in Aramark\u2019s cautionary statements contained in its filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. Aramark undertakes no obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231002711764r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20231002711764\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20231002711764\/en\/<\/a><\/span><\/p>\n<p><b>Inquiries<br \/>\n<\/b><br \/>Felise Glantz Kissell<br \/>\n<br \/>(215) 409-7287<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Kissell-Felise@aramark.com\">Kissell-Felise@aramark.com<\/a><\/p>\n<p>\nScott Sullivan<br \/>\n<br \/>(215) 238-3953<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Sullivan-Scott@aramark.com\">Sullivan-Scott@aramark.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Pennsylvania United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Other Professional Services Other Construction &amp; Property Manufacturing Construction &amp; Property Textiles<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20231002711764\/en\/787706\/3\/Aramark_H_RedandBlack_R.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Aramark Completes Spin-Off of Vestis\u2122 PHILADELPHIA&#8211;(BUSINESS WIRE)&#8211; Aramark (NYSE: ARMK), today announced that it has completed the spin-off of Vestis Corporation (\u201cVestis\u201d), which holds Aramark\u2019s uniform and workplace supplies business. Vestis is now an independent public company. Aramark will continue to trade on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cARMK\u201d and, effective today, Vestis will begin \u201cregular-way\u201d trading on the NYSE under the symbol \u201cVSTS.\u201d \u201cThis is an exciting day for Aramark. The successful spin-off of Vestis is a tremendous opportunity for both Aramark and Vestis to independently build long-term value through a focused commitment to serve customers and deliver on strategic priorities that leverage our core strengths and expertise,\u201d said Aramark\u2019s Chief Executive Officer, John &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/aramark-completes-spin-off-of-vestis\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Aramark Completes Spin-Off of Vestis\u2122&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-787264","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aramark Completes Spin-Off of Vestis\u2122 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/aramark-completes-spin-off-of-vestis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramark Completes Spin-Off of Vestis\u2122 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Aramark Completes Spin-Off of Vestis\u2122 PHILADELPHIA&#8211;(BUSINESS WIRE)&#8211; Aramark (NYSE: ARMK), today announced that it has completed the spin-off of Vestis Corporation (\u201cVestis\u201d), which holds Aramark\u2019s uniform and workplace supplies business. Vestis is now an independent public company. Aramark will continue to trade on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cARMK\u201d and, effective today, Vestis will begin \u201cregular-way\u201d trading on the NYSE under the symbol \u201cVSTS.\u201d \u201cThis is an exciting day for Aramark. The successful spin-off of Vestis is a tremendous opportunity for both Aramark and Vestis to independently build long-term value through a focused commitment to serve customers and deliver on strategic priorities that leverage our core strengths and expertise,\u201d said Aramark\u2019s Chief Executive Officer, John &hellip; Continue reading &quot;Aramark Completes Spin-Off of Vestis\u2122&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/aramark-completes-spin-off-of-vestis\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T10:32:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20231002711764r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aramark-completes-spin-off-of-vestis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aramark-completes-spin-off-of-vestis\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Aramark Completes Spin-Off of Vestis\u2122\",\"datePublished\":\"2023-10-02T10:32:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aramark-completes-spin-off-of-vestis\\\/\"},\"wordCount\":632,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aramark-completes-spin-off-of-vestis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20231002711764r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aramark-completes-spin-off-of-vestis\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/aramark-completes-spin-off-of-vestis\\\/\",\"name\":\"Aramark Completes Spin-Off of Vestis\u2122 - 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