Securitas is paring itself down ever so slightly. The company announced Monday that it is selling its German cash handling operations to Heros, a German company.
The sale was effective immediately, refocusing Securitas' operations in Germany on security guard services and electronic security systems, which accounts for sales of 4.1 billion Swedish Kroners (4,100 MSEK), equivalent to roughly $514 million in U.S. dollars.
Securitas was a 13-year veteran of cash handling operations in Germany after acquiring Protecas in 1992, and the company's stint at cash handling in Germany was marked by a lack of profitability.
"The agreement puts an end to Securitas losses in Germany in Cash Handling Services and enables us to further increase focus on the cash handling business in other European countries and in the USA," said President and CEO Thomas Berglund in a statement regarding the sale to Heros.