Brinks Transport Rijssen B.v. history

When Routh took over in 1939, Pittston's stock was down to 12.5 cents per share, and the company owed the Erie Railroad $10 million.

In 1944 he brought Pittston its first bituminous reserves with the purchase of 60 percent of Clinchfield Coal Corporation.

In 1947 Pittston acquired Lillybrook Coal Company to increase its coal reserves.

Pittston's interest in Brink's began in 1956, when it bought 22 percent of its stock.

In 1960 coal accounted for 36 percent of net income, oil for 31 percent, and transportation and warehousing for 33 percent.

1962: Pittston completes its purchase of Brink's Inc.

In 1951 it acquired the Metropolitan Petroleum Corporation, a wholesale and retail oil distributor in New York City. It also entered the petrochemicals market by forming Metropolitan Petroleum Chemicals Company in 1965.

Under the leadership of its chairman, Nicholas T. Camicia, elected in 1969, Pittston spent heavily in its coal division, opening new mines and modernizing its production.

Through these efforts the coal division experienced a resurgence, and by 1971 it was contributing more than 55 percent of the company's net income.

Pittston faced further legal action brought by the state of West Virginia, with whom it settled in 1977 for $4 million.

Also in 1980 Pittston decided to merge its trucking and warehousing operations under one structure.

In 1982 Pittston undertook its first major diversification in 25 years with the acquisition of Burlington Northern Air Freight for $177 million.

1983: Pittston sells its oil business.

In an attempt to recover these losses, Pittston devoted more resources to developing its low-sulfur coal sales, establishing the Pyxis Resources Company to market this product in 1986.

Despite these efforts Burlington's initial performance was disappointing, posting a $19 million loss in 1987.

By the end of 1988 Pittston appeared to be on the road to recovery.

The strike, marked by hostility on both sides, continued through the end of 1989 and cost Pittston's coal division $27 million that year.

Pittston and the UMW finally reached a settlement on January 1, 1990, with both sides making concessions.

The company further divided its services stock (which held Brink's, Brink's Home Security, and Burlington Air Express) in 1995 by separating the Services Group into two new common stocks--the Pittston Brink's Group and the Pittston Burlington Group.

In 1996 profits were down to $15 million compared with $16 million the year before.

Securing revenues of $1.9 billion in 2002, BAX Global operated as the company's largest unit.