(By Balaseshan) Brink's Co. (NYSE: BCO), a provider of secure logistics, said it has agreed to sell its event security operations in France to Groupe Ageparfi, and its cash handling business in Poland to Impel Security Polska.
Brink's will continue to operate its airport security business in France. The company also will continue to operate in Poland through its Global Services unit. Both transactions are expected to be completed in the first quarter of 2013.
In 2011, the businesses to be divested had combined revenues of about $45 million and an operating loss of about $3 million. Brink's employs about 1,100 people at the two businesses.
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"Our strategy is to maximize profits in developed markets while investing in growth opportunities in emerging markets and high-value solutions," said Tom Schievelbein, chairman, president and chief executive officer of Brink's.
The company said these divestitures are the result of an ongoing portfolio review, which is aimed at reshaping its European footprint by reducing its presence in markets that are unlikely to achieve an acceptable return.
Brink's is a provider of secure logistics and security solutions, including the transportation of valuables, cash logistics and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations worldwide.
Other services provided by Brink's are armored transportation, automated teller machine (ATM) replenishment and servicing; network infrastructure services; secure global transportation of valuables; currency deposit processing and cash management services.
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BCO is trading down 1.13 percent at $25.45 on Thursday. The stock has been trading between $20.91 and $29.64 for the past 52 weeks.