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It wasn’t unusual in the past for The Brink’s Co. to walk away from attractive acquisitions because it refused to pay what it saw as inflated prices. “We follow a very disciplined approach to capital allocation,” says Michael Cazer, vice president and CFO of the Richmond, Va.-based security business since May 2008. That approach has paid off. With a net cash position of $100 million, at a time when some competitors are flailing in a liquidity quagmire, Brink’s can now buy businesses at bargain prices.–perhaps even some of those businesses it passed on before.

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