BrinkÃ¢â‚¬â„¢s starts to spin
IRVING, Texas--In preparation for its spin-off from The BrinkÃ¢â‚¬â„¢s Company, BrinkÃ¢â‚¬â„¢s Home Security has leased additional office space and is hiring more staff.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re augmenting administrative staff as part of our spin-off, to replace functions previously provided by The BrinkÃ¢â‚¬â„¢s Company,Ã¢â‚¬Â explained Dave Simon, spokesman for BrinkÃ¢â‚¬â„¢s Home Security, in an email interview.
No exact date has been announced for the spin-off that is scheduled to take place before the end of the year. Analysts who follow the company surmise that a likely time would be in late October or early November.
BrinkÃ¢â‚¬â„¢s recently leased 80,190 square feet of office space at 4600-4650 Regent Boulevard in Irving. Ã¢â‚¬Å“We are still growing revenue and profits at 10 percent rate. This requires incremental headcount in many functions,Ã¢â‚¬Â Simon added.
During its Aug. 15 investor call, The BrinkÃ¢â‚¬â„¢s Company CEO Michael Dan said, Ã¢â‚¬Å“the process for the spin-off is on track.Ã¢â‚¬Â He said that the decision to rebrand BrinkÃ¢â‚¬â„¢s Home Security (three years from now) was Ã¢â‚¬Å“thorough and detailed and Ã¢â‚¬Â¦ involved analysis of many complex issues that have strategic, operational, tax, and financial and capital market implications.Ã¢â‚¬Â He added that the decision was unanimously approved by the board.
Dan also noted that The BrinkÃ¢â‚¬â„¢s Company is giving BrinkÃ¢â‚¬â„¢s Home Security a $50 million cash injection and BHS will begin as a new company with no debt. Ã¢â‚¬Å“Given The BrinkÃ¢â‚¬â„¢s Home Security teamÃ¢â‚¬â„¢s highly successful track record in building their business from the ground up, I am confident that they have the financial resources and the management talent to trade another powerful brand in the security industry,Ã¢â‚¬Â Dan said.