ALSCO Italia S.r.l. signed a preliminary agreement to acquire workwear business unit from Servizi Italia S.p.A. (BIT:SRI) for approximately €9 million on January 28, 2021. The Business Unit involved in the transaction includes, in particular, the customer portfolio of the workwear sector, employees, the factory in Barbariga (BS, Italy) and related property, the contractual relationships with the employees of the workwear sector and related payables, plant, machinery, equipment and other operating assets relating to the workwear sector, workwear linen and textile products, the commercial goodwill of the Business Unit. The transaction is subject to necessary third party approvals, signing of signing of a 4-year non-competition agreement starting from the closing date and other customary closing conditions. The transaction is expected to close in the first half of 2021. ALSCO Italia S.r.l. completed the acquisition of workwear business unit from Servizi Italia S.p.A. (BIT:SRI) on February 26, 2021. As reported, €7.978 million was paid on February 26, 2021 and the remainder will be paid within 30 days from the closing date, Servizi Italia will allocate the proceeds of the transaction to strengthen the financial and equity structure and to strategic development initiatives.