Securitas Hops Out Of Electronic Security Business
Stockholm, Sweden-based Securitas says it is spinning off its electronic security and armored car units and will concentrate strictly on manned security guards. Bloomberg reports that Securitas managers feel the entities will perform better as independent companies. They cite Securitas’ selling off in 1994 of ASSA ABLOY, parent company of access control-maker HID Corp., as an example of a former Securitas company reaching new heights. At one point, Securitas was a serious bidder for electronic security provider Chubb in 2002 before it ended up being purchased by United Technologies Corp.