G&K Services, Inc. announced that its Board of Directors has declared a special cash dividend of $6.00 per share. The dividend will be payable on June 6, 2014 to shareholders of record at the close of business on May 20, 2014.
“We’re building a great business for the long-run,” said Douglas A. Milroy, Chief Executive Officer. “This special dividend reflects our continuing confidence in the direction of the company and the ongoing strength of our cash flows. It also displays our commitment to maintaining an efficient capital structure and a disciplined approach to capital allocation.”
The aggregate amount paid in connection with this special dividend will be approximately $120 million, which will be funded through a combination of available cash and borrowings under the company’s existing credit facilities.
About G&K Services, Inc.
G&K Services, Inc. is a service-focused market leader of branded uniform and facility services programs in the United States, and is the largest such provider in Canada. Headquartered in Minneapolis, Minnesota, G&K Services has nearly 7,800 employees serving approximately 170,000 customers from 160 facilities in North America.