Cintas to Close Recently-Acquired Stockroom Facility in Des Moines, Iowa.
M2 EQUITYBITES-January 12, 2018-Cintas to Close Recently-Acquired Stockroom Facility in Des Moines, Iowa
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12 January 2018 - US-based corporate identity uniform programme operator Cintas Corp. (NASDAQ: CTAS) plans to gradually close its centralised stockroom in Des Moines, IA over the next four months.
Cintas acquired this facility as part of its USD 2.2bn acquisition of G and K Services earlier this year.
The facilities closure will impact about 35 employee-partners.
Cintas said it has other facilities in the Des Moines market and affected employee-partners are encouraged to apply for open positions at those facilities.
If the company is unable to offer continuing employment or severance pay, optional continued healthcare coverage and job placement help and resources will be provided.
Cintas offers a range of products and services including uniforms, floor care, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety and compliance training
KeyBanc Capital Markets, Inc. provided a fairness opinion to the board of directors of Cintas.
Jones Day and Keating Muething and Klekamp PLL acted as legal counsel to Cintas.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 12, 2018|
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