Cintas

Cintas Corporation
Public
Traded as NASDAQ: CTAS
S&P 500 Component
Industry Service
Founded 1929 (1929) (as Acme Industrial Laundry Company)
1972 (1972) (as Cintas)
Headquarters Cincinnati, Ohio, U.S.
Key people
 Richard Farmer, Chairman Emeritus; Scott Farmer, CEO; J. Phillip Holloman, President & COO; Robert J. Kohlhepp, Chairman of the Board
Revenue
  • Increase US$ 4,316.471 million (2013) [1]
  • Increase US$ 4,102.0 million (2012) [1]
  • Increase US$ 565.211 million (2013) [1]
  • Increase US$ 539.627 million (2012) [1]
  • Increase US$ 315.442 million (2013) [1]
  • Increase US$ 297.637 million (2012) [1]
Total assets
  • Increase US$ 4,345.632 million (2013) [2]
  • Decrease US$ 4,165.706 million (2012) [1]
Total equity
  • Increase US$ 2,201.492 million (2013) [1]
  • Decrease US$ 2,139.135 million (2012) [1]
Number of employees
 30,000
Website www.cintas.com
Cintas delivery truck, Ann Arbor, Michigan

Cintas Corporation (/ˈsɪntəs/) is an American company with headquarters in Cincinnati, Ohio that provides specialized services to businesses, primarily in North America. The firm designs, manufactures and implements corporate identity uniform programs and provides entrance mats, restroom cleaning and supplies, tile and carpet cleaning, promotional products, first aid, safety, and fire protection products and services.[3] Cintas is a publicly held company traded on the Nasdaq Global Select Market under the symbol CTAS and is a component of the Standard & Poor's 500 Index.

The company is the largest in the industry with approximately 30,000 employees. The company has grown consistently for the past nine years. both in operations and acquisitions. Revenue in fiscal year 2012 was $4.1 billion and net income was $297.6 million.[3] Fortune in the United States, named Cintas among its "Most Admired Companies" for eight consecutive years,[4] and Report on Business Magazine named the company one of Canada's Best Employers.[5]

Cintas has been featured on episodes of the reality television series Bar Rescue[6] and Hotel Impossible[7]

History

Cintas Corporation began in 1929 as the Acme Industrial Laundry Company by Richard (Doc) Farmer. He collected chemical-soaked rags from factories and washed and returned them to customers for a fee. In the early 40's, rags were replaced by shop towels—which are uniform in size and shape and much more absorbent than old rags—and tablecloths. By then, the company’s name had changed to Acme Wiper and Industrial Laundry.

His grandson Richard T. Farmer joined the family business in 1956 after graduating from Miami University in Oxford, Ohio. Acme had just 15 employees at the time. Dick helped uniform rental sales increase from $300,000 in 1959 to $847,000 in 1963. He then put together a business plan to open small uniform rental plants all over the United States. The first opened in Cleveland in October 1968. In 1972, the company changed its name to Cintas and then went public in 1983.

Farmer also tried products that were new at the time, such as fabrics that resisted wrinkles and stains, to grow the company to an almost 30 percent market share in uniforms. Cintas' recent growth has been primarily through its acquisition of more than 220 companies, eliminating overheads and cutting costs. Today, Cintas has bought itself into markets such as first aid and safety, fire protection, facility services, and tile and carpet cleaning.

The company is now estimated to be worth US$4.476 billion.

Criticism

In 2003, UNITE HERE and the International Brotherhood of the Teamsters have been engaged in a campaign against Cintas, alleging unfair labor practices. Unite obtained license numbers of Cintas workers in Pennsylvania, to contact them at home and has since been ordered to pay the workers $2,500 each. The ruling was subsequently upheld by the U.S. Court of Appeals for the Third Circuit.[8] Following the death of a Tulsa, Oklahoma worker in March 2007, both unions and several Members of Congress have called for stricter health and safety standards at the company's laundries.[9][10] In May 2007, Cintas hired a Washington, D.C.-based lobbying firm, the Podesta Group, to manage their relations with Congress.[11]

References

External links

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