The Pittston Co. is getting out of the coal business and has changed its name to The Brink's Co.
Shareholders approved the name change May 2. The company's stock symbol on the New York Stock Exchange has been changed to "BCO".
Michael Dan, chairman, president and CEO of the company, says Brink's carries brand-name value because it describes the company's core security business, which includes 7,000 Brink's armored cars in 50 countries around the world.
The Brink's company owns three major subsidiary groups: Brink's Inc., Brink's Home Security and BAX Capital. The company's headquarters will remain in Richmond, Va. The company reported revenue of $3.7 billion in 2002.
The company sold its last remaining coal mines and operations in Southwest Virginia late last year. But it will keep contributing to a medical fund for retired coal miners and their dependents.
"The name change is indicative of their transformation from a conglomerate that has roots in coal to a company with a high level of service for home security, as well as armored transport and cash management," said Rob Norfleet, an equity analyst at Davenport & Co.
The Brink's name could help the company's efforts to reinvigorate and reposition itself on Wall Street, he said.
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