Steel Partners supports Brinks spinoff

By Lisa Kerner

Charlotte, N.C., March 24 - Brinks Co. shareholder Steel Partners II, LP said it supports the company's spinoff of its Brink's Home Security business to the shareholders, according to a schedule 13D filing with the Securities and Exchange Commission.

Steel Partners beneficially owns 6.3% of the Richmond, Va., transportation and cash logistics services company.

In January, Steel Partners urged Brinks to spin off one of its two business segments or immediately sell the company.

In addition, Steel Partners said Brinks should buy back its shares and increase its share repurchase program authorization to $500 million from $100 million.

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