Cintas Announces $500 Mln Addl. Stock Buyback Authorization

(RTTNews) - Corporate uniform supplier Cintas Corp. (CTAS) said Tuesday that its Board of Directors has approved an additional share repurchase program under which the company may repurchase up to $500 million of its common stock at market prices.

As of January 13, 2015, the company has $237.5 million available under its existing share buyback program that was authorized in July 2013. Since the Board authorized that $500 million program, the company has purchased 4.3 million shares of Cintas stock at an average price of $60.87 for a total of $262.5 million.

The program does not have an expiration date and will continue to be executed at the discretion of the Board. Collectively, as of January 13, 2015, Cintas has $737.5 million available under the programs.