By Colin Kellaher
Vestis has agreed to sell its 39% stake in $Aramark(ARMK-W)$ Uniform Services Japan to majority owner Mitsui for about $37 million.
Vestis on Monday said it will use proceeds from the sale to repay debt, adding that it doesn't expect to record a material gain or loss as a result of the deal.
Aramark Uniform Services Japan is a provider of uniform rental services that was established in 1988 as a venture among a group of companies including Vestis' former parent Aramark, which spun off the Roswell, Ga., provider of uniforms and workplace supplies last year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 30, 2024 06:42 ET (10:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.