![]() Monthly stock closes and latest on the New York Stock Exchange:ĭescription: Provides contract security and security-related services.įounded: By Allan Pinkerton in 1850 in Chicago as a private police force that could chase criminals across county and state lines.Signal Hill is a city 2.2 sq mi (5.7 km 2) in area in Los Angeles County, California. Pinkerton’s officials, however, stressed that they will continue to run the investigative wing of the company in Europe. In Europe, Securitas will take over Pinkerton’s security businesses, currently operating in seven countries. He holds an estimated 3.7 million shares of Pinkerton’s stock, and under terms of Monday’s deal he will liquidate his holding and will no longer be involved with the company, according to Brown.īrown, who will take on the added duty of chairman once the deal is completed, said the merger will expand the company’s presence in Europe while giving its Swedish partner a foothold in North America, South America and Asia. Wathen guided the company until 1994, when he stepped down as chief executive and became chairman. In 1988, after close to a decade of flat sales and little growth, Pinkerton’s was taken over by security maven Thomas Wathen. Almost all worked without guns, a move meant to curb rising insurance liability that would have been quite a shock to old-timers like Hammett. By the 1980s, more than 98% of the company’s business came from contracts to provide security guards. One former detective, Dashiell Hammett, penned “The Maltese Falcon,” helping create the literary genre that focused on the exciting but rough-hewn life of the detective.īy the 1940s, though, Pinkerton’s began to de-emphasize detective work, focusing instead on guarding property. It was instrumental in putting an end to illegal wiretapping that threatened to cripple financial markets after the Civil War. The company’s detectives chased Butch Cassidy and the Sundance Kid in the late 19th century. Brown, Pinkerton’s president and chief executive. “They recognize the value in a great old brand name,” said Denis R. Net loss for the year included a writedown and other special charges totaling $9.9 million. For 1998, Pinkerton’s reported a net loss of $463,000, or 4 cents per share, on sales of $1 billion, contrasted with net income of $14.7 million, or $1.12, on sales of $1 billion in 1997. 25 of $4.3 million, or 34 cents per share, on sales of $314 million, compared with net income of $6.7 million, or 50 cents, on sales of $316 million in the year-earlier period. Pinkerton’s, which agreed to merge with Securitas of Sweden on Monday, reported net income for the quarter ended Dec. The chart should have showed the stock price rising in 1997. The information, which tracked the Westlake Village company’s stock over a two-year period, should have been adjusted for a 3-for-2 stock split in 1997. Pinkerton’s Inc.-Due to an error in information provided by Bridge Information Systems, a chart in Tuesday’s edition about the stock price of security services company Pinkerton’s Inc. Los Angeles Times Wednesday FebruHome Edition Business Part C Financial Desk 4 inches 137 words Type of Material: Correction
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