ServiceMaster to Sell Subsidiary to Aramark
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ServiceMaster Co. agreed to sell its facilities management unit to Aramark Corp. for $800 million, as part of a shift in focus from the institutional market to residential customers.
ServiceMaster, a Downers Grove, Ill., provider of housecleaning and pest control services, also agreed to sell some of the landscape construction operations of its TruGreen unit to Environmental Industries Inc., a closely held Calabasas company. Terms weren’t disclosed.
ServiceMaster said it will phase out the remaining unprofitable operations of TruGreen by the end of the year.
ServiceMaster shares rose 37 cents to $10.65 on the NYSE. Philadelphia-based Aramark is closely held.
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