Dundalk-based Federal Armored Express Inc., the nation's fourth-largest armored transportation company, has bought the customer accounts of Loomis Armored Inc. in Washington, Pennsylvania, Maryland, West Virginia and Virginia for an undisclosed amount.
"This acquisition is an integral part of our company's long-range expansion plans," said James L. Dunbar, founder and chief executive of the company.
"Federal Armored Express is the fastest-growing company in the industry," he said. "I'm particularly proud of our expansion during these difficult economic times, when so many other companies are cutting back."
Federal Armored, founded in 1956, has 1,500 employees and 500 vehicles in 65 branches nationwide.
The purchase of the accounts, effective March 1, will expand Federal Armored Express' ground and air armored services to Pittsburgh, Allentown, Stroudsburg, Hazeltown, York and Scranton, Pa.; Charlottesville, Va.; Hagerstown; and additional routes in Baltimore.
Mr. Dunbar's other security-oriented businesses are Loughlin Security Agency, a uniformed guard and investigative service; Federal Security Systems, a residential and business security alarm service; and E-Z Audit Bankpak, a supplier of heat-sealed, tamper-resistant security containers.