Aramark To Sell Healthcare Technologies Biz To Trimedx For $300 Mln

(RTTNews) - Aramark (ARMK) has agreed to sell its Healthcare Technologies business for $300 million to Trimedx, as the company plans to focus more on its core businesses.

Aramark's Charlotte, North Carolina-based Healthcare Technologies business provides healthcare technology services in North America, providing innovative management programs for clinical equipment at more than 500 hospital and healthcare facilities. Aramark had acquired the business in 2001.

"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," said Eric Foss, Chairman, President and CEO.

"This transaction represents the latest step in our commitment to deliver sustainable shareholder value, while also increasing our financial flexibility," Foss added.

The company plans to use the proceeds from sales to strengthen balance sheet through debt reduction and will also repurchase $50 million of shares.

The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in the fourth quarter of calendar 2018.