Cintas Corporation Announces Additional Stock Buyback Authorization for up to $500M
Cintas Corporation (Nasdaq: CTAS) announced that the Board of Directors approved an additional share repurchase program under which the Company may repurchase up to $500 million of Cintas common stock at market prices. The number of shares to be repurchased and the timing of the purchases will be determined at the discretion of the Board, and repurchases may be discontinued at any time.
As of July 30, 2013, the Company has $151.1 million available under its existing share buyback program that was authorized in October 2011. Since the Board authorized that $500 million program, the Company has purchased 8.6 million shares of Cintas stock at an average price of $40.43 for a total of $348.9 million. This program does not have an expiration date and will continue to be executed at the discretion of the Board. Collectively, as of July 30, 2013, Cintas has $651.1 million available under the programs.
About Cintas Headquartered in Cincinnati, Cintas Corporation provides highly specialized services to businesses of all types primarily throughout North America. Cintas designs, manufactures and implements corporate identity uniform programs, and provides entrance mats, restroom supplies, promotional products, first aid, safety, fire protection products and services and document management services for over one million businesses. Cintas is a publicly held company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of the Standard & Poor's 500 Index.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.