CINCINNATI, October 1, 2015 -- Cintas Corporation
(Nasdaq:CTAS) announced that it has completed its previously announced transaction to sell its investment in Shred-it International Inc. (“Shred-it”) to Stericycle, Inc. (“Stericycle”), a global business to business compliance solutions provider specializing in complex and highly regulated arenas. Upon the closing of this transaction, Shred-it is now a wholly-owned subsidiary of Stericycle. Cintas’ share of the proceeds was $578 million. Cintas also has the opportunity to receive up to $34 million in additional consideration in the future, subject to certain holdback provisions. The full accounting for this transaction will be reflected in Cintas’ fiscal 2016 second quarter results.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “believes,” “seeks,” “could,” “should,” “may” and “will” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release. Factors that might cause such a difference include, but are not limited to, our ability to receive additional consideration in connection with the sale of our investment in Shred-it in the future and the resolution with Stericycle of certain transactional holdback provisions. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2015 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us or that we currently believe to be immaterial may also harm our business.
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, first aid and safety services and fire protection services. 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.
For additional information, contact:
J. Michael Hansen, Vice President-Finance and Chief Financial Officer – 513-701-2079
Paul F. Adler, Vice President and Treasurer – 513-573-4195