G&K Services Announces Acquisition in Canada and U.S.; Acquisition Expands G&K's Canadian Leadership Position; Adds Cleanroom Business.MINNEAPOLIS -- G&K Services Canada, Inc., a leading provider of industrial laundry Large institutions that require a constant flow of clean linen will often employ the services of an industrial laundry. Hospitals, prisons and hotels, for instance, will usually have their own laundry departments. services in Canada and a subsidiary of G&K Services, Inc. (Nasdaq:GKSRA), today announced the acquisition of certain assets from Glis, a division of Glascar, Ltd, and Glis Laundries USA, Inc. Glis is a textile laundry company serving southwest Ontario and Detroit, Michigan “Detroit” redirects here. For other uses, see Detroit (disambiguation). Detroit (IPA: [dɪˈtʰɹɔɪt]) (French: Détroit, meaning strait . Glis Laundries USA, Inc. operates a cleanroom business servicing customers in St. Louis, Missouri. "We are pleased to announce this acquisition," said Robert Wood There are have been several people named Robert Wood:
The acquisition, which adds approximately $6.0 to $7.0 million (U.S.) in annual revenue, expands G&K's uniform rental and facility services business in Canada. The acquisition also increases G&K's cleanroom business in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "We continue to seek strategic acquisitions across North America," said Richard Marcantonio, G&K's president and chief executive officer. "In Canada, we have significantly enhanced our leadership position through market expansion activities and acquisitions." Due to a confidentiality agreement with the sellers, the purchase price cannot be disclosed. No further details were made available. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "Act") provides companies with a "safe harbor" when making forward-looking statements as a way of encouraging them to furnish their shareholders with information regarding expected trends in their operating results, anticipated business developments and other prospective information. Statements made in this press release concerning our intentions, expectations or predictions about future results or events are "forward- looking statements" within the meaning of the Act. These statements reflect our current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectation, which could be material and adverse. Given that circumstances may change, and new risks to the business may emerge from time to time, having the potential to negatively impact our business in ways we could not anticipate at the time of making a forward-looking statement, you are cautioned not to place undue reliance on these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Some of the factors that could cause actual results or events to vary from stated expectations include, but are not limited to, the following: unforeseen operating risks; the effects of overall economic conditions and employment; fluctuations in costs of insurance and energy; acquisition integration costs; the performance of acquired businesses; preservation of positive labor relationships; competition, including pricing, within the corporate identity apparel and facility services industry; and the availability of capital to finance planned growth. Additional information concerning potential factors that could affect future financial results is included in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July 2, 2005. About G&K Services, Inc. Headquartered in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , G&K Services, Inc. is a market leader in branded identity apparel programs and facility services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and is the largest such provider in Canada. G&K operates over 140 processing facilities and branch offices, serving more than 160,000 customers. |
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