Pittston renamed The BrinkÃ¢â‚¬â„¢s Company
RICHMOND, Va. - Less than a year after selling its coal business, The Pittston Company has changed its name to better reflect its three remaining core businesses and capitalize on the well-known BrinkÃ¢â‚¬â„¢s name.
The company will now be known as The BrinkÃ¢â‚¬â„¢s Company, after a majority of shareholders of The Pittston Company voted in favor of the new name. Eighty-eight percent gave their approval at the annual shareholders meeting May 2 in New York. The change took effect May 5, which ironically also served as the 144 anniversary of BrinkÃ¢â‚¬â„¢s founding by Perry Brinks.
Ã¢â‚¬Å“BrinkÃ¢â‚¬â„¢s, as it relates to home security, is a consumer brand,Ã¢â‚¬Â said Scott Dudley, director of investor relations for The BrinkÃ¢â‚¬â„¢s Company, based here. Ã¢â‚¬Å“BrinkÃ¢â‚¬â„¢s, from an armored car perspective, is also a well-known brand, certainly more so than Pittston was.Ã¢â‚¬Â
Company officials first informed shareholders about plans to change the name in the shareholder proxy statement mailed during the first quarter. The Pittston name had been synonymous with the com-panyÃ¢â‚¬â„¢s coal business, which was founded in 1838 as the Pennsylvania Coal Co. in Pittston, Pa.
Though it exited the coal business last year, The BrinkÃ¢â‚¬â„¢s Company still maintains a small interest in natural gas, gold and timber businesses. Plans call for those entities to be divested at a future date.
The companyÃ¢â‚¬â„¢s core business now include BrinkÃ¢â‚¬â„¢s Home Security; BrinkÃ¢â‚¬â„¢s Inc., which is its armored car division; and BAX Global, an airfreight company. After shareholders approved the name change, The BrinkÃ¢â‚¬â„¢s Company stock symbol on the New York Stock Exchange was also changed to BCO.