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ARAMARK will work closely over the next year with Penn using its proprietary evaluation system, MarketMATCH, to assess the University's dining program and provide master planning expertise to guide Penn's retail and campus dining decisions, developing both short-term and long-term goals and strategies. With this system, Penn plans to re-evaluate its all-you-care-to-eat offerings and consider other opportunities to add flexibility, improve quality and innovate its campus dining program.
The new contract expands ARAMARK's relationship with the University of Pennsylvania. ARAMARK already provides:
- Food and environmental services to certain facilities of the University of Pennsylvania Health System
- Conference center management services for the Steinberg Conference Center at the Wharton School
- Concession services for Franklin Field and the Palestra
- Coffee and vending services for various campus and healthcare locations.
"Our expanded partnership with the University of Pennsylvania demonstrates our ability to deliver value and a broad range of managed service solutions to clients with multiple needs," said Joseph Neubauer, Chairman and CEO of ARAMARK. "We look forward to working as a true partner with Penn to enhance the living and learning environment for students, faculty and staff so that Penn can focus on its mission of leadership in education."
"We've made great strides with our program over the last four years, but it's time to take it to the next level," said Lee Nunery, Vice President for Business Services, University of Pennsylvania. "ARAMARK will help us develop that vision with MarketMATCH."
In the higher education sector, ARAMARK provides managed services to more than 400 colleges and universities in the U.S. The company offers a range of food, facility and other support services to campuses, including dining services, catering, management of retail dining sites and convenience stores, design and operation of dining facilities, facilities management, groundskeeping, energy management, building commissioning and custodial services.
About ARAMARK
ARAMARK is a $9 billion world leader in providing managed services, including food, facility and other support services, uniform and career apparel and childcare and early education. ARAMARK has leadership positions serving the business, education, healthcare, government, sports and recreation sectors. ARAMARK is ranked No. 1 in the outsourcing services category and is among the Top 50 companies overall in FORTUNE Magazine's 2002 "Most Admired Companies in America." Headquartered in Philadelphia, ARAMARK has approximately 200,000 employees serving customers in 17 countries.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements 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," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe" and other words and terms of similar meaning in conjunction with a discussion of future operating or financial performance.Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond our control) that could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. The forward-looking statements regarding such matters are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
Factors that might cause such a difference include: unfavorable economic conditions, including ramifications of the September 11th terrorist attacks and other terrorist attacks, increased operating costs, shortages of qualified personnel and other factors leading to increased labor costs, costly compliance with governmental regulations, currency risks and other risks associated with international markets, risks associated with acquisitions, including our ability to integrate and derive the expected benefits from our acquisition of ServiceMaster Management Services and other acquisitions, competition, decline in attendance at client facilities, unpredictability of sales and expenses due to contract terms, significant leverage, claims relating to the provision of food services, liability associated with non-compliance with governmental regulations, including regulations pertaining to food services, the environment and childcare service, seasonality and adverse publicity concerning incidents at childcare centers.
For further information regarding risks and uncertainties associated with ARAMARK's business, please refer to the "Management's Discussion and Analysis of Results of Operations and Financial Condition" and "Risk Factors" sections of ARAMARK's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting ARAMARK's investor relations department at www.aramark.com.
Forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they are made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, us.
CONTACT:
ARAMARK
Investor Relations:
Ted Hill, 215-238-3361
Hill-ted@aramark.com