Brink's Home Security Becomes Broadview Security

[George Orwell <nobody@xxxxxxxxxxxx>]

NEW YORK (AP) - The home and commercial security business that The Brink's Co. spun off last fall is being renamed Broadview Security, a move that entails increasing advertising spending by as much as $120 million, the company said Tuesday.

Irving, Texas-based Broadview Security, formerly known as Brink's Home Security, will increase advertising spending by $70 million to $120 million in the next 24 to 36 months promoting both its new name and its Brink's heritage, said CEO Bob Allen. The company normally spends about $40 million yearly on advertising.

Allen describes the company as "the next generation of Brink's Home Security."

Broadview Security was spun off Oct. 31, 2008, from Richmond, Va.-based Brink's Co. in a tax-free stock distribution that leaves the newly independent company with no debt and about $83 million in cash on March 31, said Allen, a nearly 10-year veteran of the company.

The public parent of Broadview Security, Brink's Home Security Holdings Inc., has a market capitalization of about $1.3 billion, 3,500 employees and a credit facility of about $125 million at rates that Allen, 55, described as "very reasonable."

The 26-year-old company, which has about 1.3 million customers in the U.S. and Canada, is hiring sales staff and technicians and is open to acquisitions, particularly ones that expand its commercial security business, Allen said.

Shares closed Monday at $27.72. Since the company began trading separately from its parent on Oct. 31, 2008, shares have traded in a range of $13.15 to $31.30.

Copyright 2009 The Associated Press.

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