CINTAS CORP. $59 (Nasdaq symbol CTAS; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 120.1 million; Market cap: $7.1 billion; Price-to-sales ratio: 1.6; Dividend yield: 1.3%; TSINetwork Rating: Average; www.cintas .com) is selling its document-shredding operations to Toronto-based Shred-it International. In exchange, Cintas will receive 42% of the combined company, which will use the Shred-it brand, plus $180 million in cash. To put that in context, Cintas earned $84.6 million, or $0.69 a share, in the quarter ended February 28, 2014.
The partners plan to make this business more profitable by combining plants and pick-up routes. The sale will also let Cintas focus on its larger uniform rental and office cleaning operations.
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