CINTAS CORPORATION ACQUIRES CAREER APPAREL DIVISION OF PALM BEACH CO. INC.
CINCINNATI, Nov. 1 /PRNewswire/ -- Cintas announced today that it has completed the acquisition of the Career Apparel Division of Palm Beach Co. Inc. Palm Beach is a wholly owned subsidiary of Plaid Clothing Group, Inc., headquartered in New York. The Palm Beach Career Apparel Division with annual sales of approximately $2 million provides tailored uniform programs to airlines and other corporate customers. Richard T. Farmer, chairman and chief executive officer of Cintas, said, "We have been looking at the tailored uniform market for some time. This business is fragmented and large. We estimate the total market to approach $2 billion in annual revenues. The customers include airlines, car rental companies, the food and lodging industry, the security industry and many other corporate and professional businesses." Dick Farmer also said, "Cintas services many of these customers today with other uniform programs. We also believe that many of our strengths in design and distribution are transferrable to this market segment. The acquisition of the Palm Beach Career Apparel Division gives Cintas an excellent start in this new market." Cintas Corporation (NASDAQ: CTAS) is a leader in the business of designing, planning and implementing corporate identity uniform programs nationwide. Cintas has 100 uniform rental facilities located in 33 states and the province of Ontario. It is a publicly held company traded over NASDAQ under the symbol CTAS. -0- 11/1/93 /CONTACT: David T. Jeanmougin, vice president - finance, 513-573-4089, or Karen L. Carnahan, treasurer, 513-573-4013, both of Cintas Corporation/ (CTAS)
CO: Cintas Corporation ST: Ohio IN: SU: TNM
KL -- CL022 -- 9082 11/01/93 10:59 EST
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|Date:||Nov 1, 1993|
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