Cintas Announces Additional $500 Mln Stock Buyback Authorization

(RTTNews) - 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 Cintas common stock at market prices.

As of July 30, 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. That program does not have an expiration date and will continue to be executed at the discretion of the Board.

Collectively, as of July 30, Cintas has $651.1 million available under the programs.