Brink's acquires affiliate in Venezuela

Business Wire, Dec 26, 1996

DARIEN, CT--(BUSINESS WIRE)--Dec. 26, 1996--Brink's Inc. ("Brink's"), a part of the Pittston Brink's Group (NYSE-PZB), announced today that its subsidiary has been named the successful bidder to acquire nearly all of the remaining shares of Custodia Y Traslado De Valores C.A. ("Custravalca"), the largest armored car company in Venezuela, for approximately U.S. $58 million. Brink's currently owns 15% of Custravalca. Closing of the acquisition is scheduled for January, 1997.

The transaction will be financed with local borrowings in the Venezuelan markets and, possibly, participation by local investors in a minority interest in Custravalca. It is expected that the transaction will be accretive to the earnings of the Pittston Brink's Group beginning in 1997.

Custravalca provides cash in transit and valuables transportation services to the Venezuelan banking and financial community and a broad base of commercial customers. It is the oldest firm of its kind in Venezuela and the only company to provide services in every major Venezuelan market. In addition, Custravalca owns a nonvaluable transportation services company with national coverage specializing in small package and credit card deliveries, a paging company, and a printing company. Custravalca also owns a 31% interest in Brink's Peru S.A., the largest armored car company in Peru. Custravalca's annual revenues approximate the equivalent of U.S. $70 million. The company has been consistently profitable.

Michael T. Dan, president and chief executive officer of Brink's, stated, "The acquisition of the majority interest in Custravalca is an important step in Brink's global strategy. Brink's is acquiring a well managed and highly regarded company in Venezuela. Brink's also increases its ownership in Brink's Peru to 36%, thus becoming the largest shareholder of Brink's Peru. We expect to enhance the operating performance of these companies with the transfer of technology and management skills from our worldwide operations."

Pittston Brink's Group common stock (NYSE-PZB), Pittston Burlington Group common stock (NYSE-PZX), and Pittston Minerals Group common stock (NYSE-PZM), represent the three classes of common stock of The Pittston Company, a diversified company with interests in security services through Brink's Inc. and Brink's Home Security Inc. (Pittston Brink's Group), global freight transportation and logistics management services through Burlington Air Express Inc. (Pittston Burlington Group) and coal and gold mining (Pittston Minerals Group).

CONTACT: Brink's Incorporated

203/662-7830