CHICAGO, March 5 /PRNewswire/ -- Borg-Warner Security Corporation
(NYSE: BOR) today announced an agreement with a subsidiary of The Heico
Companies, L.L.C. for the sale of Pony Express Delivery Services, Inc. The
transaction, subject to certain closing conditions, is expected to be
completed by mid March, 1998.
Don Berger, president of Pony Express stated, "We believe this transaction
will be beneficial to all companies involved. Pony Express welcomes the
opportunity to become associated with The Heico Companies, which operates over
20 different businesses in many industries." Berger further commented, "We
expect that Heico's experience in managing many different businesses will
assist Pony Express with future operations."
Borg-Warner chairman and CEO Joe Adorjan commented, "The anticipated sale
of Pony Express will bring us one step closer to accomplishing our strategic
objective of exiting the transportation business and allow the company to
focus its energies on its core security business."
Atlanta-based Pony Express Delivery Services, Inc. is the nation's largest
regional ground delivery service provider with revenue of $140 million.
Specializing in customized same-day, next-day and expedited delivery services,
Pony Express transports 23 million time-sensitive documents and packages
annually. Serving 36 states with 118 offices, 4,000 employees and 3,000
vehicles, Pony Express Delivery Services, Inc. offers extensive coverage and
flexibility to meet customer needs.
Chicago-based Borg-Warner Security Corporation is North America's largest
provider of security services. The company offers a complete range of
physical and electronic security services under the Wells Fargo and Burns
brand names. For more information on the company, contact our website at
http://www.Borg-WarnerSecurity.com.
SOURCE Borg-Warner Security Corporation
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Related links:
http://www.Borg-WarnerSecurity.com
CONTACT:
Jeff Cartwright of Borg-Warner Security,
312-322-8836
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
120940
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