One company has been hired by Texas A&M University to privatize dining services, building maintenance, custodial, and landscaping services.
The contract with Compass Group USA is for five years with a option for an additional five years.
System Chancellor John Sharp announced Thursday Compass will pay $45 million dollars upfront and spend another $30 million dollars in capital improvements.
Sharp says A&M will receive $125 million dollars for dining services and another $135 million in revenue and cost savings in the remaining areas.
Compass guarantees jobs to affected employees for two years. Employees who choose to transfer will be given a four percent pay raise to offset the cost of benefits equal to what they received from A&M.
Opening comments from John Sharp.
Comments from President Bowen Loftin.
Comments from Board of Regents member Jim Schwertner.
Comments from Kurt Kimball of Compass USA.
Kurt Kimball answers question about impact on local businessowners.
John Sharp answers question about quelling fears of affected employees.
Kurt Kimball answers another question about affected employees.