PHILADELPHIA--(BUSINESS WIRE)--Aramark (NYSE: ARMK) announced today that it has signed a definitive agreement to sell its Healthcare Technologies (HCT) business for $300 million to TRIMEDX.
“Today’s action is another demonstration of the clear and focused strategy we are following that has substantially elevated our operating performance and is driving Aramark’s success,” said Eric J. Foss, Chairman, President and CEO. “The divestiture of our Healthcare Technologies business will further focus our portfolio around our core food, facilities and uniforms businesses. I want to thank and congratulate our HCT team members for their contributions to Aramark and wish them continued success.”
Aramark’s Healthcare Technologies business, based in Charlotte, NC, is a leading provider of healthcare technology services in North America, providing innovative management programs for clinical equipment at more than 500 hospital and healthcare facilities. The business, acquired by Aramark in 2001, has been in operation for over 45 years and employs more than 1,500 technicians, engineers and program staff. Services include maintenance and refurbishment of high end imaging equipment.
“This transaction represents the latest step in our commitment to deliver sustainable shareholder value, while also increasing our financial flexibility,” Foss added. “We will use the majority of proceeds to strengthen our balance sheet through debt reduction and will also repurchase $50 million of shares after closing of the sale.”
The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in the fourth quarter of calendar 2018.
Aramark (NYSE: ARMK) proudly serves Fortune 500 companies, world champion sports teams, state-of-the-art healthcare providers, the world's leading educational institutions, iconic destinations and cultural attractions, and numerous municipalities in 19 countries around the world. Our 270,000 team members deliver experiences that enrich and nourish millions of lives every day through innovative services in food, facilities management and uniforms. We operate our business with social responsibility, focusing on initiatives that support our diverse workforce, advance consumer health and wellness, protect our environment, and strengthen our communities. Aramark is recognized as one of the World's Most Admired Companies by FORTUNE, as well as an employer of choice by the Human Rights Campaign and DiversityInc. Learn more at www.aramark.com or connect with us on Facebook and Twitter.