Brink's Reaches Agreement to Settle Litigation Related to Exit of Cash Handling Operations in Belgium

The Brink's Company BCO announced an agreement to settle previously disclosed litigation related to the exit of cash-in-transit operations in Belgium in November 2010. Upon satisfaction of certain conditions, Brink's will contribute 7 million euros (approximately $10 million) toward social payments to former Brink's Belgium employees in exchange for withdrawal by the receivers of pending litigation and an agreement not to file additional claims. The conditions of the agreement include a release from liability by affected employees, the Belgian tax authority and the Belgian social security authority. None of these parties participated in the settlement negotiations, and their willingness to consent to the terms of the agreement is unknown. Assuming the conditions are met, the settlement is expected to be completed during the third quarter of 2011. Brink's expects to record a pretax charge of approximately $10 million if the settlement is finalized and does not expect to record a related tax benefit. Brink's continues to operate in Belgium through its Global Services unit, which provides secure transport of diamonds, jewelry, precious metals, banknotes and other commodities.