HARRISBURG, Pa., Sept. 19, 2007 (PRIME NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today the receipt of two new orders for rail grinder units from Japan and Singapore totaling more than $12 million, highlighting the continuing expansion of the Company's Harsco Track Technologies (HTT) division as one of the world's leading providers of services and equipment for railway track maintenance and new track construction.
The orders, which include two 10-stone units for Japan and one 16-stone configuration for Singapore, will support ongoing railway and transit system track maintenance requirements in the two countries. The number of stones in a unit refers to its grinding heads. HTT's rail grinders are used to re-profile railhead contours for extended rail life and smoother travel at higher speeds, thus reducing railway fuel consumption, operating costs and noise. The regular grinding of rails also corrects surface damage that could lead to rail fractures.
Commenting on the latest orders, Richard C. Neuffer, president of Harsco's Minerals & Rail Technologies business group said, "HTT continues to build on its strong foundation in North America by adding a growing and complementary presence in key international markets, recognizing that more than 80 percent of the world's railway track is outside the United States."
Earlier this year, the division was awarded its largest sales contract ever, a combination of two orders from the Chinese Ministry of Railways totaling more than 40 new rail grinding units that is expected to generate more than $350 million in new revenues over the next four years. Less than a week later, the division announced another rail grinder order from China for a new express rail line being built to Beijing's International Airport in time for the 2008 Olympic Games. HTT's rail grinder configurations range from individual units designed for the precision grinding of intricate switches and crossings, to massive multi-unit rail grinding trains that provide high-speed, single pass grinding of mainline track.
Further adding to Harsco's rail grinding expertise is the Company's announcement earlier this month of its acquisition of ZETA-TECH Associates, an internationally recognized specialist in railway engineering services and analytical forecasting. Among ZETA-TECH's proprietary products is its SmartGrind(r) rail grinding management and planning software. The company is regarded as one of the leading technical experts in rail grinding engineering.
The orders for Japan and Singapore will be built in HTT's manufacturing facilities in West Columbia, SC and are scheduled for delivery during 2008. The orders mark HTT's second rail grinder sale to the Singapore Land Transport Authority, and further extend HTT's growing equipment presence in Japan, an HTT customer since the early 1980s.
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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