Aramark signed an agreement to sell its Charlotte-based Healthcare Technologies business to TRIMEDX for $300 million on Monday so that it can focus on its other operations.
“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 Aramark CEO Eric J. Foss in a press release.
“The divestiture of our Healthcare Technologies business will further focus our portfolio around our core food, facilities and uniforms businesses”
Aramark’s Healthcare Technologies business provides management programs for clinical equipment at more than 500 hospital and health care facilities. The business was acquired by Aramark in 2001 and has been running for 45 years.
The business employs over 1,500 technicians, engineers and program staff.
TRIMEDX, headquartered in Indianapolis, is a company that works in medical equipment management.
“We are excited to bring our technology and service model to a greater number of health care providers, delivering a comprehensive and differentiated clinical asset management program in an ever-changing environment,” said Henry Hummel, CEO of TRIMEDX in a release.
The deal is expected to close near the end of 2018.
Aramark plans to use the majority of proceeds to pay off some of its debt and will also repurchase $50 million of shares.
Aramark, headquartered in Philadelphia, is a food service, facilities and uniform services provider in education, healthcare, business, corrections and leisure..
Aramark closed at $41.99, down 19 cents, or 0.45 percent , on Monday.