HARRISBURG, Pa., Feb. 11, 2008 (PRIME NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that it plans to begin the repurchase of an undetermined number of shares of the Company's common stock under its previously approved stock repurchase authorization. The Company said that the repurchases will be made in open market transactions at times and amounts as management deems appropriate, depending on market conditions. Any repurchase may commence or be discontinued at any time.
Harsco Chief Executive Officer Salvatore D. Fazzolari said, "We believe this to be an appropriate time to create additional shareholder value through stock repurchases, and to offset the dilutive effect of the Company's existing stock-related benefit plans. As our performance will demonstrate, we remain solidly confident in Harsco's global growth prospects, particularly as we continue our strategic expansion into the growing infrastructure and construction sectors of Eastern Europe, the Middle East and Africa, Asia/Pacific and Latin America. Our success in building a balanced portfolio of businesses and broad international footprint is evidenced by the fact that some 70 percent of our revenues come from outside the U.S. Together with our significant, internally generated free cash flows and the recent re-arming of our balance sheet, we are ready and able to continue to execute our strategies, fully fund our growth initiatives, and at the same time take advantage of opportunities such as this share buyback."
Forward-Looking Statements
This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "may," "could," "believes," "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Harsco, particularly its latest annual report on Form 10-K and quarterly report on Form 10-Q, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the worldwide business environment in which the Company operates; changes in the performance of stock and bond markets; changes in governmental laws and regulations; market and competitive changes, including pricing pressures, market demand and acceptance for new products, services, and technologies; unforeseen business disruptions in one or more of the many countries in which the Company operates; the seasonal nature of the Company's business; the successful integration of the Company's strategic acquisitions; and the amount and timing of repurchases of the Company's common stock, if any.
About Harsco
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. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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