The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. For more information, please visit CAUTION CONCERNING FORWARD-LOOKING STATEMENTS Shred-it has operations in 17 countries worldwide, servicing more than 180,000 global, national and local businesses, including the world’s top intelligence and security agencies, more than 500 police forces, 1,500 hospitals, 8,500 bank branches and 1,200 universities and colleges. Shred-it is a world-leading information security company providing document destruction services that ensure the security and integrity of its clients’ private information. 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. Cintas designs, manufactures and implements corporate identity uniform programs, and provides entrance mats, restroom supplies, first aid, safety, fire protection products and services and document management services for over one million businesses. Headquartered in Cincinnati, Cintas Corporation provides highly specialized services to businesses of all types primarily throughout North America. Questions concerning the webcast or conference call should be directed to Judy Girty at (513) 573-4915 or For those unable to listen to the live webcast, a replay will be available on the Company's web site beginning approximately two hours after the completion of the live call and will remain available for two weeks. The webcast will be available at (click on the webcast icon and then follow instructions). A live webcast of the call will be available to individual investors and the public beginning at 5:00pm, Eastern Time, on Wednesday, March 19, 2014. With regards to Cintas’ Global Document Storage and Imaging business, Cintas is currently exploring strategic opportunities for this business and will provide additional details in the future as appropriate.Ĭintas will hold a conference call on Wednesday, March 19, 2014, after the market closes to discuss its third quarter fiscal 2014 results and this transaction. The transaction, which was approved by Cintas’ Board of Directors, is expected to close before Cintas’ fiscal year end which is May 31, 2014, subject to the customary closing conditions and various approvals. Shred-it has been a strong and well respected competitor over the years, and we look forward to working together to bring innovative ideas and superior customer service to our combined customer base.”
Karen Carnahan stated, “The Cintas Document Shredding team is excited to join forces with Shred-it to create a global leader in document destruction services. “Together, we expect that Cintas Document Shredding and Shred-it will be the industry leader, benefitting from increased scale, resources and strong cash flow to uniquely position the new company to provide world class information protection services to its customers.”įollowing completion of the transaction, the combined company will be led by Vince DePalma, current President and Chief Executive Officer of Shred-it, who will become the President and Chief Executive Officer of the newly formed company, and Karen Carnahan, now President and Chief Operating Officer of Cintas’ Document Management Division, who will become Chief Operating Officer of the newly formed company. “We are confident that this transaction is the best path forward for our Document Shredding customers, our workforce and our shareholders,” said Scott D. In addition to its 42% ownership of the partnership, Cintas will receive approximately $180 million in cash at the closing of the transaction. The combined entity will operate under the Shred-it brand and is expected to have annual revenues in excess of $600 million.
Under the agreement, Cintas and Shred-it will each contribute its document shredding business to a newly formed partnership that will be owned 42% by Cintas and 58% by the shareholders of Shred-it. to combine Cintas’ Document Shredding business with Shred-it’s Document Shredding business. The Newly formed Partnership will have over $600 million in Annual Revenues and Operate under the Shred-it nameĬintas Corporation to have 42% ownership of the Partnership and will receive $180 Million in Cash at ClosingĬINCINNATI - MaCintas Corporation (Nasdaq:CTAS) announced today an agreement with the shareholders of Shred-it International Inc.
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