(from www.sec.gov)
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Pittston Co. |
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| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 3,106,644 | -- |
| Net Income | 102,479 | -- |
Pittston is a holding company that controls three separately traded stocks—Pittston Burlington Group, Pittston Brink's Group and Pittston Minerals Group. Pittston Burlington Group controls Burlington Air Express, a freight transportation and logistics management company. Pittston Brink's operates a variety of security services, including armored transportation of valuables and residential security systems. Pittston Minerals produces and markets coal and has an interest in gold and nickel production in Australian reserves.
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Pittston made a major move in 1996—of itself. In September Pittston, which had been based in the New York metropolitan area since its inception in 1930, packed its bags and headed south to Glen Allen, Va.
The company considered many locations throughout the Southeast, but eventually settled on the Richmond area because of the lifestyle it offered and prior company interests. Pittston already had a large base in the commonwealth—the Minerals Group owns over a hundred thousand acres of land in Virginia's Appalachian mountains. The company said it also was attracted by Virginia's relatively low costs—for business operations and living—and the school systems.
Last year marked the first time that Pittston operated with three separate classes of common stock, as the Brink's Group and Burlington Group were spun off into their own entities. Before 1996 Brink's and Burlington fell under the category of the Services Group, which no longer exists.
