SECURITY: HSC (Common)
EXCHANGE: New York Stock Exchange , Pacific, Boston and Philadelphia
CURRENCY: US Dollar
Harsco Corporation is one
of the world’s leading diversified industrial services companies. The Company
posted 2006 revenues of $3.4 billion and employs approximately 21,500 people
worldwide. Harsco’s common stock is a component of the S&P MidCap 400
Index and the Russell 1000 Index.
Harsco
Corp Q1 2007
Harsco
Acquires Performix Technologies, a Leading Producer of Specialty Additives
for Steelmaking
April 9, 2007
HARRISBURG, PA (April 9,
2007) . . . Worldwide industrial services company Harsco Corporation (NYSE:
HSC) announced today that it has acquired privately-held Performix Technologies,
Ltd., a Ohio-based company that is one of the United States’ leading producers
of specialty additives used by steelmakers in the ladle refining of molten
steel. The acquisition is expected to be accretive to Harsco’s 2007 earnings.
Terms were not disclosed.
Performix produces a range
of proprietary materials that are added during ladle refining to improve
steel quality and increase steelmaking efficiency. Ladle refining allows
steelmakers to process their molten steel to exact chemical specifications
outside the steelmaking furnace, thereby freeing up the furnaces for greater
production capacity while decreasing energy and other costs per ton of
steel produced.
Performix operates from two
plants in the U.S. and serves most of the major steelmakers in the upper
Midwest and Canada. The company has more than 30 years of experience at
the forefront of ladle metallurgy, and maintains extensive laboratory facilities
to assist customers in determining the optimum Performix product for each
ladle. Performix recorded 2006 sales of approximately $29 million and employs
approximately 60 people.
Harsco looks to expand Performix’s
value-enhancing product technology into other steelmaking locations served
by Harsco throughout the world. The acquisition closely complements Harsco’s
National Recovery Systems operations, which Harsco acquired in December
2005 as part of its acquisition of the northern hemisphere steel mill services
operations of Brambles Industrial Services. Like Performix, National Recovery
Systems also specializes in providing blended materials used in the steelmaking
process, recycling steelmaking by-products into briquettes that are recharged
back into production for cost-effective and environmentally-responsible
reuse
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