ATLANTA — Vestis, a provider of uniforms and workplace supplies, reports it has completed its previously announced spin-off from Aramark.
The company began trading on Oct. 2 on the New York Stock Exchange under the ticker “VSTS,” effective at the market opening.
“Today marks an exciting, new chapter for Vestis as a standalone, public company,” says President and CEO Kim Scott. “Our outstanding management team has established a clear pathway to value creation and our approximately 20,000 amazing teammates are rallied around our purpose to empower people to do good work and good things for others while at work.
“Vestis is well-positioned to deliver against our long-term financial commitments, and we are looking forward to creating value for our customers, teammates and shareholders in the years ahead.”
Vestis says it is the second-largest provider in the industry and launches with more than 300,000 customer locations and approximately 20,000 employees across North America.
The company’s comprehensive service offering includes uniforms and workwear, floor care (mats), towels, aprons, linen services, managed restroom supply services, and first aid and safety products.
Effective as of Sept. 30, Aramark common stockholders of record as of the close of business on Sept. 20 received one share of Vestis common stock for every two shares of Aramark common stock held as of the Record Date.
Aramark common stockholders who held Aramark common stock as of the Record Date will receive a book-entry account statement reflecting their ownership of Vestis common stock or their brokerage account will be credited with Vestis shares.
Because Sept. 30 was a Saturday and not a business day, the shares were expected to be credited to “street name” stockholders through the Depository Trust Corporation (DTC) Oct. 2.
The distribution 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 of Vestis common stock.
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