Edit in JSFiddle

<div class="container">
    <div class="shrink">Shrink Wrap Shrink Wrap</div>
</div>

.container{
    width: 500px;
    height: 100px;
    border:2px solid blue;
    position:relative;
}
.shrink{
    background: red;
    display:table;
    margin: 0 auto;
}