Family-controlled, publicly traded Cintas Corp. has sold its 42% stake in Shred-It International for $578 million,
the
Cincinnati Business Journal
reported.
Shred-It will become a wholly owned subsidiary of Stericycle, which is based in Lake Forest, Ill.
Family-controlled, publicly traded Cintas Corp. has sold its 42% stake in Shred-It International for $578 million,
the
Cincinnati Business Journal
reported.
Shred-It will become a wholly owned subsidiary of Stericycle, which is based in Lake Forest, Ill.
Cintas began the process of exiting the shredding business in April 2014, when it spun off its shredding operations into a joint venture with Shred-It, based in Toronto. At the time of the spinoff, Cintas received $180 million in cash, the journal article said. In May 2015, Cintas received a $113.4 million dividend from Shred-It, the article said.
Cintas could receive up to $34 million more in the future, according to its deal with Stericycle, the journal article said. (Source:
Cincinnati Business Journal
, Oct. 5, 2015.)
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