Palms Of Pasadina

Garda moving US head office to Florida to grow eastern cash logistics business

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Governor of the State of Florida Rick Scott, left, and President and CEO of Garda World Stephan Cretier shake hands following a news conference at the International Economic Forum of the Americas in Montreal, Wednesday, June 8, 2011, where they announced details of Garda's U.S. head office being moved to Florida.THE CANADIAN PRESS/Graham Hughes

MONTREAL - Garda World Security is looking to grow its eastern-focused U.S. cash logistics business by taking advantage of government incentives to move its U.S. headquarters to Florida from California.

The Montreal-based company will transfer the operations in Pasadena, Calif., to Boca Raton, Fla., starting this month.

"This new office will provide us with the ability to expand and accommodate the tremendous growth we're experiencing in the United States," CEO Stephan Cretier said at a news conference on Wednesday attended by Florida Gov. Rick Scott.

Garda's U.S. consolidation will result in some net job losses, but Florida will gain more than 100 new positions paying more than US$65,000 each.

Garda (TSX:GW) chose Florida over two other states.

Palm Beach County and the state promised Garda nearly US$800,000 in incentives.

Garda is North America's second-largest armoured truck company, but has a high concentration of customers in the New York area and eastern coast.

It manages and transports cash for U.S. banks and retailers and has a fleet of 2,200 armoured trucks.

It also provides security at Canadian airports and for embassy personnel, reconstruction agencies and the oil and gas sector in emerging countries.

Garda entered the United States in 2005 and expanded two years later with the acquisition of California-based ATI Systems International Inc..

It provides cash logistics services to more than 13,000 customers and processes US$200 billion of cash annually.

Cretier said the U.S. move won't affect its operations in Montreal, which continue to grow and employ some 800 people. Garda employs more than 45,000 people around the world.

It recently consolidated its international physical security services in Dubai.

Cretier said he hopes the move to Florida will allow it to attract more customers in that state.

The Republican governor said attracting Garda to his state is part of his efforts to create 700,000 jobs over seven years.

On the Toronto Stock Exchange, Garda's shares lost 17 cents at C$10.02 in morning trading.

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