Pittston to Jettison Coal Business, Focus on Security Operations
The Pittston Co. announces that its board of directors have approved a strategic plan designed to improve shareholder value by focusing the company on the growth of its successful services businesses, exiting the coal business, and eliminating its tracking stock structure. The primary directive of the plan is to focus the Pittston Co.’s resources on profitably growing the Brink’s Inc., Brink’s Home Security and BAX Global services operations. “Our future is 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,” says Michael T. Dan, chairman, president and CEO of Pittston. “We see significant opportunities to expand these businesses and further improve their profitability and returns on capital.”
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