HARRISBURG, Pa., Aug. 27, 2007 (PRIME NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today its service expansion within the growing Eastern European steel industry with the acquisition of Alexander Mill Services International, a privately held company that provides mill services to some of the leading steel producers in Poland and Romania. Alexander also provides steel mill services on a smaller scale in Greece and Portugal.
The company posted 2006 revenues in excess of $21 million and is expected to be immediately accretive to Harsco's earnings. Terms of the acquisition were not disclosed. Alexander will join Harsco's MultiServ mill services division, which operates at more than 160 mills worldwide as the world's largest on-site service partner to the steel and metals industries. The acquisition increases MultiServ's global operations from 32 countries to 35 countries.
Alexander's established footprint in Poland and Romania gives Harsco an immediate platform to expand into the region's growing steel industry revitalization, as new multi-national owners, many of them existing Harsco customers, continue to implement significant steel plant modernization and operational expansion programs to support the region's burgeoning infrastructure growth. Both Poland (May 2004) and most recently Romania (January 2007) are members of the European Union, giving both countries broader access to international markets and capital.
Commenting on the acquisition, Harsco's President, Chief Financial Officer and Treasurer Salvatore D. Fazzolari said, "Alexander is uniquely positioned to expand its services at existing customer sites as well as new locations in Eastern Europe. We plan to leverage this very solid foundation by progressively introducing the broader range of value-adding services available from our industry-leading MultiServ service portfolio. As the re-energized steel industry within Eastern Europe continues to steadily grow, we intend to grow with it."
Eastern Europe is one of several emerging growth regions, along with the Middle East and Africa, Asia Pacific and Latin America, that Harsco has targeted for additional expansion as the Company continues to add to the geographic balance of its global portfolio of businesses.
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 global MultiServ mill services division, can be found at www.harsco.com.
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