Securitas acquires leading Cash Handling business in Northeastern USA.
Wednesday, June 18, 2003
Securitas Cash Handling Services division has, through Loomis Fargo & Co, agreed to acquire Armored Motor Services of America ("AMSA"). AMSA, which is a leading privately held cash handling services company, will strengthen and extend Securitas US Cash Handling Services network in the key Northeastern market, primarily in New England and upstate New York.
AMSA has annual sales of MUSD 55 (MSEK 429), 1 300 employees and activities in 8 Northeastern states. The company's sales are split between transportation (46 per cent), cash processing (20 per cent), ATM related services (21 per cent) and other services (13 per cent), mainly coin wrapping and courier services. In 2002, AMSA had an organic sales growth of approximately 7 per cent and an operating margin of 9 per cent. The majority of the company's customers are financial institutions.
The purchase price including net debt of the acquisition is MUSD 32 (MSEK 250). Goodwill amounts to MUSD 19 (MSEK 146) to be amortised over 10 years. AMSA will be consolidated from 1st July 2003 and will contribute positively to the results of Securitas group in 2003. There will be synergies both in the operations and in the administration.
After the acquisition Securitas Cash Handling in the USA will have sales of MUSD 508 (MSEK 3960) on a full year basis and 8 200 employees.
Further information can be obtained from:
Thomas Berglund, President and CEO
+44 (0) 20 8432 6500
Håkan Winberg, Executive Vice President and CFO
+44 (0) 20 8432 6500
Henrik Brehmer, Senior Vice President Investor Relations
+44 (0) 20 8432 6523, +44 (0) 7884 117 192
The press release is also available on: www.securitasgroup.com
Securitas is a World leader in security providing security solutions comprising guarding services, alarm systems and cash handling services. Securitas has more than 200 000 employees in 30 countries in Europe and USA.
The press release can be downloaded from the following link: