Published: November 12, 2010
Brink's Exits Cash Handling Operations in Belgium
RICHMOND, Va. - (BUSINESS WIRE) - The Brink's Company (NYSE: BCO) announced today that it has exited the
cash handling market in Belgium. The company discontinued funding of its
Brink's Belgium S.A. subsidiary after an unsuccessful effort to address
a noncompetitive business structure. As a result, the subsidiary has
filed for bankruptcy and Brink's expects to record a fourth-quarter
non-cash charge of $15 million to $20 million (pretax) related to asset
impairments.
Through the nine-month period ending September 30, 2010, the subsidiary
had revenue of $32 million and an operating loss of $7 million. The
operating loss includes $3 million in severance costs. The severance
costs were recognized in The Brink's Company's consolidated 2009 results.
Brink's will continue to operate in Belgium through its Global Services
unit, which provides secure transport of diamonds, jewelry, precious
metals, banknotes and other commodities.
About The Brink's Company
The Brink's Company (NYSE:BCO) is the world's premier provider of secure
transportation and cash management services. For more information,
please visit The Brink's Company website at www.BrinksCompany.com
or call 804-289-9709.
Forward-Looking Statements
This release contains both historical and forward-looking information
about the company's exit from the Belgian cash handling market, its
projected effect on the company and the company's global services
operations in Belgium. Words such as "anticipates," "estimates,"
"expects," "projects," "intends," "plans," "believes," "may," "should"
and similar expressions may identify forward-looking information. The
forward-looking information in this release is subject to known and
unknown risks, uncertainties and contingencies regarding the impact of
the Belgian bankruptcy on the company's reported financial results and
future global services operations, which could cause actual results,
performance or achievements to differ materially from those that are
anticipated. Additional factors that could cause our results to differ
materially from those described in the forward-looking statements can be
found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K
for the period ended December 31, 2009 and in our other public filings
with the Securities and Exchange Commission. Readers are urged to review
and consider carefully the disclosures we make in our filings with the
Securities and Exchange Commission. The information included in this
release is representative only as of the date of this release, and The
Brink's Company undertakes no obligation to update any information
contained in this release.
The Brink's Company
Investor Relations
804.289.9709
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