HARRISBURG, Pa., May 21, 2007 (PRIME NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that its Harsco Track Technologies (HTT) division has received its largest railway track maintenance equipment sales contract in division history, a combination of two orders from the Chinese Ministry of Railways that is expected to generate more than $350 million in new revenues over the next four years.
The groundbreaking award was marked today by a contract signing ceremony in HTT's home state of South Carolina led by South Carolina Governor Mark Sanford, Secretary of Commerce Joe Taylor, and Wang Chao, Assistant Secretary of the Ministry of Commerce of the People's Republic of China. Harsco's delegation was led by Chairman and CEO Derek C. Hathaway, who said, "This new export contract is further evidence of Harsco's strong and improving outlook and reaffirms our expanding relationships within the major economies of the world."
The two HTT orders call for the production and delivery of more than 40 new rail grinding machines through early 2011, where they will join a growing fleet of HTT equipment in China. Rail grinders provide preventive maintenance support to railways by re-profiling railhead contours for extended rail life and smoother travel at higher speeds, thus reducing fuel consumption and operating costs. HTT is one of the world's leading rail grinding specialists, having designed and built units for major railway and transit system customers throughout the world.
"We look forward to making this latest China order another great success story for HTT and continuing our tradition for second-to-none product quality and customer support," said Robert Newman, President of the Harsco Track Technologies division. "Moreover, we are fully prepared throughout the organization to expedite these increased volumes without impacting the commitment, service and attention given to our North American and other international customers."
Reflecting Harsco's substantial global growth over the past several years, the HTT division continues to expand its worldwide services and equipment presence in key international markets, including most recently a new rail grinder order from Brazil which Harsco announced last month. HTT also continues to rank as the largest provider of railway track maintenance services and equipment in North America, supporting all of the major domestic Class I railways as well as numerous short lines and metropolitan transit systems. The division continues to increase its focus on long-term contract services, and manages several ongoing track maintenance programs in the U.S. as well as the United Kingdom. HTT was honored by the South Carolina World Trade Center in 2004 as a World Trader of the Year for its successful pursuit of international growth.
Harsco Corporation is one of the world's leading diversified industrial services companies, serving major customers in the non-residential construction, steel and metals, energy and railway industries. 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. Additional information about Harsco, including its Harsco Track Technologies division, can be found at www.harsco.com.
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