Brink’s to Sell BAX to German Railroad
From Associated Press
Brink’s Co., known for its armored-vehicle services, said it had agreed to sell its Irvine-based BAX Global freight-shipping division to German railroad Deutsche Bahn for $1.1 billion.
The all-cash deal would let Richmond, Va.-based Brink’s concentrate on security services. For years, the company has been narrowing its focus, starting with leaving the coal business.
BAX Global’s operating profit soared to $56.2 million last year from $3 million in 2003, while the unit’s revenue rose 22% to $2.44 billion.
