Philadelphia, PA, June 15, 2009 - ARAMARK, a world
leader in providing professional services, has realigned its leadership
to share best practices and resources more effectively around the
world, to develop new solutions to meet client needs and customer
preferences, and to better identify opportunities for growth.
As
a result, the company has created a new Global Food, Hospitality and
Facility Services Group, incorporating the existing ARAMARK North
America Food, Hospitality and Facility Services and ARAMARK
International into a single organization responsible for delivering
services to clients and customers worldwide.
This change
follows the company’s recent repositioning of its ARAMARK Uniform and
Career Apparel business, in which the WearGuard unit is being
integrated into ARAMARK Uniform Services, the company’s rental
business. This will further boost the company’s ability to provide both
direct sale and rental items seamlessly across its client base, and
reduce direct sale operating costs.
“ARAMARK has a long history
of continually transforming itself to meet today’s challenges, as well
as to better position ourselves for the new opportunities of tomorrow,”
said Joseph Neubauer, Chairman and Chief Executive Officer, ARAMARK.
“The entire management team has achieved solid results. Our
profitability remains strong. Our global footprint has grown to 22
countries whose economies represent more than 70 percent of the world’s
GDP. I am confident that these changes will better position our
business to develop leaders attuned to global requirements, expand
sales and margins, enhance customer satisfaction, and provide our
people with the tools they need to win in the marketplace.”
The following changes have been made within the ARAMARK management team:
- Andrew
Kerin, formerly President, ARAMARK North America Food, Hospitality and
Facility Services, has been named Group President, Global Food,
Hospitality and Facility Services.
- Ravi Saligram, who
continues in his current role as President, ARAMARK International, will
assume the added responsibility of Chief Globalization Officer,
reporting to Kerin.
- Fred Sutherland continues in his current
role as ARAMARK’s Chief Financial Officer, and he assumes the added
responsibility of providing strategic direction and oversight to the
uniform business as Group Executive, ARAMARK Uniform and Career
Apparel.
- Thomas Vozzo will continue in his current role as President, ARAMARK Uniform and Career Apparel, reporting to Sutherland.
All four remain Executive Vice Presidents of the corporation and members of the company’s Management Committee.
Forward-Looking Statements
Forward-looking
statements speak only as of the date made. We undertake no obligation
to update any forward-looking statements, including prior
forward-looking statements, to reflect the events or circumstances
arising after the date as of which they were made. As a result of these
risks and uncertainties, readers are cautioned not to place undue
reliance on any forward-looking statements included herein or that may
be made elsewhere from time to time by, or on behalf of, us.
This
press release includes “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995 that reflect
our current views as to future events and financial performance with
respect to our operations. These statements can be identified by the
fact that they do not relate strictly to historical or current facts.
They use words such as "aim," "anticipate," “am confident,” "estimate,"
"expect," "will be," "will continue," "will likely result," "project,"
"intend," "plan," "believe," “look to” and other words and terms of
similar meaning in conjunction with a discussion of future operating or
financial performance.
These statements are subject to risks
and uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
Factors that might cause such a difference include: unfavorable
economic conditions, including ramifications of any future terrorist
attacks or increased security alert levels; increased operating costs,
including increased food costs, labor-related, energy or product
sourcing and distribution costs; shortages of qualified personnel or
increases in labor costs; costs and possible effects of further
unionization of our workforce; currency risks and other risks
associated with international markets; risks associated with
acquisitions, including acquisition integration issues and costs; our
ability to integrate and derive the expected benefits from our recent
acquisitions; competition; a decline in attendance at client
facilities; the unpredictability of sales and expenses due to contract
terms and terminations; the impact of natural disasters on our sales
and operating results; the risk that clients have or may become
insolvent; the risk that our insurers may become insolvent or may
liquidate; the contract intensive nature of our business, which may
lead to client disputes; high leverage; claims relating to the
provision of food services; costs of compliance with governmental
regulations and government investigations; liability associated with
noncompliance with our business conduct policy and governmental
regulations, including regulations pertaining to food services, the
environment, the Federal school lunch program, Federal and state
employment and wage and hour laws, human health and safety laws and
import and export controls and customs laws; dram shop compliance and
litigation; contract compliance and administration issues, inability to
retain current clients and renew existing client contracts; a
determination by customers to reduce their outsourcing and use of
preferred vendors; seasonality; our competitor’s activities or
announced planned activities; the effect on our operations of increased
leverage and limitations on our flexibility as a result of increased
restrictions in our debt agreements; potential future conflicts of
interest between our Sponsors and other stakeholders; the impact on our
business if we are unable to generate sufficient cash to service all of
our indebtedness; the inability of our subsidiaries to generate enough
cash flow to repay our debt; risks related to the structuring of our
debt; our potential inability to repurchase our notes upon a change of
control; and other risks that are set forth in the “Risk Factors,”
“Legal Proceedings” and “Management Discussion and Analysis of Results
of Operations and Financial Condition” sections and other sections of
and elsewhere in ARAMARK’s SEC filings, copies of which may be obtained
by contacting ARAMARK's investor relations department via its website www.aramark.com.
About ARAMARK
ARAMARK is a leader in professional services, providing award-winning food services, facilities management, and uniform and career apparel to health care institutions, universities and school districts, stadiums and arenas, and businesses around the world. In FORTUNE magazine's 2009 list of "World's Most Admired Companies," ARAMARK was ranked number one in its industry, consistently ranking since 1998 as one of the top three most admired companies in its industry as evaluated by peers and analysts. ARAMARK seeks to responsibly address issues that matter to its clients, customers, employees and communities by focusing on employee advocacy, environmental stewardship, health and wellness, and community involvement. Headquartered in Philadelphia, ARAMARK has approximately 260,000 employees serving clients in 22 countries.
Contacts:
Kristine Grow, Sr. Director, Communications
215-238-3538
grow-kristine@aramark.com
Chris Holland, SVP & Treasurer
215-238-3090
holland-chris@aramark.com