SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 17, 1997
THE PITTSTON COMPANY
(Exact Name of registrant as specified in its charter)
Virginia 1-9148 54-1317776
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
1000 Virginia Center Parkway
P. O. Box 4229
Glen Allen, VA 23058-4229
(Address of principal (Zip Code)
executive offices)
(804)553-3600
(Registrant's telephone number, including area code)
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Item 5. Other Events
On December 17, 1997, BAX Global Inc., the operating unit of
the Pittston Burlington Group, announced that it signed an
agreement to acquire, subject to certain conditions and
termination rights, Distribution Services Limited and an
affiliated company. A press release regarding the acquisition is
attached as Exhibit 99 hereto.
EXHIBITS
99 Registrant's press release dated December 17, 1997.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
THE PITTSTON COMPANY
(Registrant)
By /s/ Austin F. Reed
Vice President, General
Counsel and Secretary
Dated: December 19, 1997
Exhibit 99
BAX Global Inc. Plans
To Acquire Ocean Freight Company
Richmond, VA -- December 17, 1997. BAX Global Inc., the
operating unit of the Pittston Burlington Group (NYSE-PZX)
announced today that it has signed an agreement to acquire,
subject to certain conditions, the privately held Distribution
Services Limited ("DSL") and an affiliated company for a cash
purchase price of $76 million. DSL is an ocean freight
forwarding, contract distribution and logistics warehousing
company serving trade routes between the Asia Pacific Region and
North America, with substantial facilities in Los Angeles,
Vancouver, Hong Kong and a major presence in China. The DSL
companies reported 1996 combined revenues of approximately $180
million. The DSL acquisition is part of BAX Global's strategy to
expand its service offerings for its customers and significantly
increase its presence in the growing ocean freight market.
The acquisition would be financed through existing credit
facilities and would be expected to be non-dilutive to earnings
in 1998 and accretive to earnings beginning thereafter. The
acquisition agreement is subject to BAX Global's satisfaction
concerning due diligence, board and regulatory approvals, and
other rights of either party to terminate, with a potential
closing by the end of January, 1998. Should the acquisition be
consummated, BAX Global intends to maintain the
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DSL organization substantially intact and to operate DSL as a
separate entity within the BAX Global group of companies.
This release contains both historical and forward looking
information. In particular, statements herein regarding the
potential benefits of the DSL acquisition on future results are
subject to known and unknown risks, uncertainties and
contingencies, many of which are beyond the control of BAX
Global, which may cause actual results, performance or
achievements to differ materially from those which are
anticipated. Factors that might affect such forward looking
statements include, among others, overall economic and business
conditions, the demand for BAX Global's and DSL's services,
competitive factors in the industry, and uncertainty about the
consummation and the integration of the acquisition.
* * * * * * * * * *
Pittston Burlington Group Common Stock (NYSE-PZX), Pittston
Brink's Group Common Stock (NYSE-PZB) and Pittston Minerals Group
Common Stock (NYSE-PZM) represent the three classes of common
stock of The Pittston Company, a diversified company with
interests in global freight transportation and logistics
management services through BAX Global Inc. (Pittston Burlington
Group), security services through Brink's, Incorporated and
Brink's Home Security, Inc. (Pittston Brink's Group), and in coal
through Pittston Coal Company and in gold mining and metals
exploration through Pittston Mineral Ventures (Pittston Minerals
Group).
