The
Pittston Company, with annual 2001 revenue of approximately
$3.6 billion, is a diversified business and security
services company based in Richmond, Virginia. Pittston is
parent company to recognized leaders in their respective
industries: Brink's, Incorporated, the world's premier provider
of secure transportation and cash management services; Brink's
Home Security, one of the largest and most successful residential
alarm companies in North America, and BAX Global Inc., a
global freight transportation and supply chain management
industry leader. The Pittston Company also maintains interests
in natural resources and mining.
Pittston's strategic focus is on its core business and security
services companies, which offer opportunities for significant
growth, superior cash flow and more consistent and higher
returns for Pittston's shareholders.
These leading companies are well known for providing the
highest levels of service to their customers. Employees
of Pittston and its affiliates recognize that in order to
build strong, long-lasting customer relationships, there
must be an unyielding commitment to be the best.
By providing the proper resources, The Pittston Company
helps the primary operating units to maintain their positions
as some of the world's leading service providers.
Pittston's core businesses employ the latest technology
as they strive to provide customers with solution-driven
products and services. These companies pride themselves
on staying ahead of their markets by continually expanding
and improving their service offerings.
The natural resources operations of The Pittston Company
comprise natural gas, gold and timber assets. Although these
businesses do not have a long term strategic fit with the
business and security services units, they will continue
to be managed to generate stable cash flow and profitability
in a socially and environmentally responsible manner.
With its focus on Brink's, Brink's Home Security and BAX
Global, The Pittston Company will concentrate on growing
these global and domestic industry leaders, strengthening
their market positions and making each a more valuable enterprise.
While operating performance may periodically be impacted
by economic conditions, these are companies with highly
regarded brands, a track record of premier customer service
and strong cash flow creating a solid foundation that provides
stability in difficult times and the potential for robust
growth in more vibrant markets. The inherent cash flow strength
of Pittston's operating companies permits these units to
invest in growth opportunities while maintaining a sound
financial position. Each of these attributes creates a more
valuable company.
As The Pittston Company continues to implement its strategy
of growing its business and security companies and disposing
of its natural resource assets, the value inherent in its
industry leading companies becomes more evident.
Financial information related to The Pittston Company's segments is included in the Notes to the Consolidated Financial Statements, which are included as part of the Annual Report.
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