Brink’s Exploring Re-Entry Into Home Security Market
RICHMOND, Va. — The Brink’s Company disclosed on Thursday it is considering re-entering the home security market. Brink’s spun off its Brink’s Home Security unit in 2008 to shareholders and entered into a 5-year non-compete agreement, which expired on Oct. 31, 2013.
During an investor’s call to report fourth-quarter earnings, Tom Schievelbein, chairman, president and CEO, said Brink’s is undertaking a commercial strategy aimed at achieving longer-term growth by bringing new, value-based solutions to market. One area under consideration is a potential return to the home security space.
“Our non-compete agreement recently expired and we are getting inquiries about the prospect of re-entering this market,” he said.
Schievelbein said market research indicates that Brink’s is still recognized by consumers as the No. 2 brand in the security market.
“In an attempt to address the numerous inquiries we have received, I want to let our current and prospective shareholders know that our review is ongoing, that we have not made a decision as to how or whether we will re-enter the market.”
Following the spin-off of Brink’s Home Security and a subsequent name change to Broadview Security, the unit was acquired by Tyco Int’l for $2 billion in 2010. Broadview was then folded into ADT’s operations.
SSI continues to report this story.
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