RICHMOND, Va. – Venerable cash carrier Brink’s Co. gave up its year-long battle to fend off a group of corporate raiders and agreed to split the company into two, spinning off its Home Security unit, one of the largest in North America, into a separately traded company.
The spin off, which is expected to be completed in the fourth quarter, will leave cash transportation and management as Brink’s main line of business.
In addition, Brink’s will appointment a representative of MMI Investment LP, a hedge fund that has accumulated a stake of almost 10% in the company, to its board. MMI is one of several large investors that have been agitating for the spin off for the past year.
Brink's, which provides armored trucks for cash transportation and consulting services for diamonds, jewelry and securities, had 2007 revenue of about $2.7 billion. The home security unit, which designs and monitors home alarm systems, had revenue of about $484 million.
