Discuss Company Profile of Brink's Company within the Company Profiles & News !! forums, part of the Mirror View - Ebooks Links & Miscellenous Reading Material category; The Brink’s Company (NYSE: BCO) is a security and protection company headquartered in Richmond, Virginia, United States. Its core business ...
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Company Profile of Brink's Company
Company Profile of Brink's Company - May 3rd, 2011
The Brink’s Company (NYSE: BCO) is a security and protection company headquartered in Richmond, Virginia, United States. Its core business is Brink’s, Incorporated; it spun off its Brink’s Home Security operations into a separate company (Broadview Security) in 2008. In 2005, the company reported a total of 54,000 employees and operations in more than 50 countries. The company emerged from The Pittston Company and changed its name to The Brink’s Company in 2003.
Brink’s is popularly known for its bullet-resistant armored trucks which are used to carry money and valuable goods (once used to transport the Hope Diamond from an auction to the buyer's home). Brink’s is a provider of security services to banks, retailers, governments, mints and jewelers. Founded in 1859 by Perry Brink of Chicago, Illinois, Brink’s Incorporated evolved from an armored transportation service to one of the main providers of logistics solutions[clarification needed]and secure transportation in the world. About three quarters (72% in the third quarter of 2010) of Brink's revenue comes from business outside of North America.
Brink's recently sold one of its core operations, BAX Global, a logistics and transportation solutions company. BAX Global was formerly known as Burlington Air Express. On January 31, 2006, Brink's sold BAX Global to Deutsche Bahn for US$1.1 billion.
The Brink’s Company (Brink’s) is a provider of secure transportation, cash logistics and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations worldwide. The Company’s international network serves customers in more than 50 countries and employs approximately 59,400 people. Its operations include approximately 875 facilities and 10,500 vehicles. 71% of its revenues are from outside North America. The Company has two segments: International and North America. International operations has three regions: Europe, Middle East and Africa (EMEA); Latin America, and Asia Pacific. North American operations include 181 branches in the United States and 52 branches in Canada. In November 2010, the Company acquired Servicio Pan Americano de Proteccion, S.A. de C.V. In December 2010, the Company acquired Threshold Financial Technologies Inc.
Brink’s EMEA operates 258 branches in 22 countries. Its main operations are in France, the Netherlands and Germany. In 2009, France accounted for $615 million or 49% of EMEA revenues (20% of total). Brink’s Latin America operates 217 branches in nine countries. Its main operations are in Venezuela, Brazil and Colombia. In 2009, Venezuela accounted for $376 million or 42% of Latin American revenues (12% of total). Brazil accounted for $258 million or 28% of Latin American revenues (8% of total) in 2009. Brink’s Asia-Pacific operates 97 branches in nine countries and accounted for $79 million or 2% of total 2009 revenues. North American operations generated $894 million (29% of total) and segment operating profit of $56 million (27% of total) in 2009.
Brink’s primary services include cash-in-transit (CIT) armored car transportation, automated teller machine (ATM) replenishment and servicing, global services like arranging secure long-distance transportation of valuables, cash logistics like supply chain management of cash and guarding services, including airport security. CIT services include the secure transportation of cash between businesses and banks; cash, securities and other valuables between commercial banks, central banks, and investment banking and brokerage firms, and new currency, coins and precious metals for central banks. The Company manages nearly 77,000 ATM units worldwide for banks and other cash dispensing operators. It provides cash replenishment, monitoring and forecasting capabilities, deposit pick-up and processing services.
Brink’s is provides secure long-distance logistics for valuables, including diamonds, jewelry, precious metals, securities, currency, high-tech devices, electronics and pharmaceuticals. Brink’s offers an integrated approach to managing the supply chain of cash, from point-of-sale through transport, vaulting, bank deposit and related credit. Cash logistics services include money processing and cash management services; deploying and servicing safes and safe control devices, including its CompuSafe service; integrated check and cash processing services (Virtual Vault), and check imaging services. Money processing services include counting, sorting and wrapping currency. Other currency management services include cashier balancing, counterfeit detection, account consolidation and electronic reporting.
Brink’s offers a range of technology applications, including online cash tracking, cash inventory management, check imaging for real-time deposit processing, and a range of other Web-based information tools that enable banks and other customers to reduce costs, while improving service to their customers. Brink’s CompuSafe service offers customers an integrated, closed-loop system for preventing theft and managing cash. Virtual Vault services combine CIT, Cash Logistics, vaulting and electronic reporting technologies to help banks expand into new markets, while minimizing investment in vaults and branch facilities. The Company provides bill payment acceptance and processing services to utility companies and other billers.
The Company’s other security services include security and guarding. The Company protects airports, offices, warehouses, stores and public venues with electronic surveillance, access control, fire prevention and trained patrolling personnel. Its guarding services are offered in European markets, including France, Germany, Luxembourg and Greece.
The Company competes with Group 4 Securicor plc, Loomis AB, Prosegur, Compania de Seguridad, S.A. and Garda World Security Corporation.
In late 1996 Pittston moved its headquarters from Stamford, Connecticut, to Richmond, Virginia. With this move the company hoped to be better able to lure top executives, an important factor in maintaining its growth into the 21st century.
In order to facilitate its move into the new millennium, Pittston launched a major restructuring effort in the late 1990s that would prove to dramatically change the shape of the company. In 1999, the firm announced that it planned to divest its coal holdings, which had lost $3.58 million in 1998. As part of the reorganization, Pittston also changed its tracking stock structure to a single corporate issue. According to a December 1999 United Press International article, Michael T. Dan--the company's chairman, president, and CEO--claimed that Pittston's future was, "in global business and security services where Brink's Inc., Brink's Home Security, and BAX Global have superior products and services, strong market positions, and robust growth prospects."
The company's new stock structure took effect in January 2000 and the sale of its coal assets began in 2001. In December 2002, Pittston ended its 165-year history in the coal mining industry with the sale of its Virginia-based holdings to Alpha Natural Resources LLC. The final step in Pittston's transformation came in May 5, 2003, when the company officially changed its name to The Brink's Company. In honor of its new moniker, Dan and other Brink's executives rang the opening bell at the New York Stock Exchange.
Overall, management was confident that its shift from a diversified natural resources firm to a business and security services company would position it for future growth and success. Brinks Inc. stood strong with over 7,000 armored trucks serving over 50 countries. Brink's Home Security was also a market leader with over 760,000 customers throughout North America. Securing revenues of $1.9 billion in 2002, BAX Global operated as the company's largest unit. With plans to expand its global reach even further, the firm appeared to be on track for revenue gains in the years to come.
Principal Operating Units: Brink's Inc.; Brink's Home Security; BAX Global; Air Transport International LLC.
Principal Competitors: FedEx Corporation; Securitas AB; United Parcel Service Inc.
Market Cap (Mil.): $1,538.06
Shares Outstanding (Mil.): 46.59
Annual Dividend: 0.40
Yield (%): 1.21
BCO Industry Sector
P/E (TTM): 28.00 9.66 17.05
EPS (TTM): -70.90 -- --
ROI: 5.13 2.85 3.26
ROE: 10.81 4.85 5.84
Sales:$3.77 billion (2002)
Stock Exchanges:New York
NAIC: 561613 Armored Car Services; 561621 Security Systems Services; 481112 Scheduled Freight Air Transportation
1930: The Alleghany Corporation creates The Pittston Company to oversee some mining operations.
1935: The Alleghany empire crumbles, and Pittston is sold to private investors.
1944: Returning to financial health, Pittston makes significant investments in bituminous coal mining operations.
1951: Pittston acquires Metropolitan Petroleum Corporation.
1954: Bolstering its transportation division, Pittston acquires Motor Haulage Company and merges it into United States Trucking Corporation.
1962: Pittston completes its purchase of Brink's Inc.
1978: Labor disputes and energy crises adversely affect Pittston's profits.
1980: Metropolitan Petroleum changes its name to Pittston Petroleum; the firm's trucking and warehouse operations are merged under one structure.
1983: Pittston sells its oil business.
1984: Pittston divests its warehousing interests and diversifies into home security services.
1999: The company announces plans to exit the coal business and change its trading stock structure to a single corporate issue.
2003: Pittston changes its name to The Brink's Company.
Name Age Since Current Position
Dan, Michael 60 1999 Chairman of the Board, President, Chief Executive Officer
Dziedzic, Joseph 42 2009 Chief Financial Officer, Vice President
Lennon, Frank 69 2005 Vice President, Chief Administrative Officer
Marshall, McAlister 41 2009 Vice President, General Counsel
Schumacher, Matthew 52 2001 Controller
Martin, Murray 63 2009 Lead Director
Alewine, Betty 62 2000 Director
Breslawsky, Marc 68 1999 Director
Turner, Ronald 63 2002 Director
Strang, Robert 53 2008 Director
Herling, Michael 53 2009 Director
Schievelbein, Thomas 56 2009 Director
Boynton, Paul 46 2010 Director
1801 Bayberry Court
Richmond, Virginia 23226
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