Pittston to Sell Coal Unit, Fold Into One Stock

Pittston Co. announced plans to eliminate its tracking stock structure and sell its coal business in order to focus on the company’s faster-growing armored truck, home security and freight operations. Richmond, Va.-based Pittston said the company would exchange shares of Pittston Minerals Group and the Pittston BAX tracking stocks for Pittston Brink’s Group shares. The transaction would occur on Jan. 14, at which time total shares outstanding of Pittston Brinks would rise from 39 million to about 49 million. On the New York Stock Exchange, Pittston Brink’s shares rose $3.13 to close at $21.50; Pittston BAX rose 6 cents to close at $10.13; Pittston Minerals rose 50 cents to close at $1.63.