Word: cpp
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Dates: during 1990-1999
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...Nuys, Calif.-based Pinkerton's (1991 revenues: $640 million) has also suffered from turnover and service problems following a leveraged merger four years ago with a firm called California Plant Protection (CPP). Mark Savage, a former award-winning Pinkerton's manager, says he quit the company in 1990 in part because its management "was cutting corners and pushing people to their limits." In terms of clients, he adds, "companies like Burns and Pinkerton's always take for granted that they will lose business and that if they sell more than they lose, they're still growing. They...
Pinkerton's has found it easier to grow by voraciously gobbling up smaller security firms -- 14 in 1991 alone. But along the way, the company has also lost some big contracts. Wall Street's Kidder, Peabody dropped the firm because "when Pinkerton's was bought out by CPP, the service started falling apart," says John Poppe, Kidder's director of security. "There was constant turnover of guards." In January, Smith Barney gave Pinkerton's the pink slip as well. "Big security companies become apathetic," complains an executive at the brokerage. "We've had guards who were unable to write, unable...