6 September 2023
Aramark (NYSE: ARMK), a global leader in food, facilities management, and uniforms, today announced that Vestis™ will be the name of the new company to be created through the expected spin-off of its uniform services business.
Aramark’s Board of Directors approved the previously announced tax-free spin-off transaction of its uniforms and workplace supplies business. The spin-off is expected to be completed on September 30, 2023, and will be effected through a pro rata distribution of the common stock of Vestis Corporation (“Vestis”).
Holders of Aramark common stock will be entitled to receive one share of Vestis common stock for every two shares of Aramark common stock.
Aramark expects that a “when-issued” public trading market for Vestis common stock will commence on the New York Stock Exchange (“NYSE”) on or about September 27, 2023, and will continue up to and including the final trading day before the distribution date on Friday, September 29, 2023, under ticker symbol “VSTS WI”. Aramark also anticipates that “regular-way” trading of Vestis common stock will begin on October 2, 2023, under the ticker symbol “VSTS.”
More, Source: Company’s Press Release