HARRISBURG, Pa., Feb. 26, 2008 (PRIME NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today the further expansion of its international footprint with the establishment of a new operating presence in Panama for Harsco's Access Services business group, a world leader in providing comprehensive scaffolding and concrete formwork solutions to the non-residential construction, infrastructure, and industrial maintenance markets.
The new presence establishes a strategic, in-county distribution channel for Harsco's rental scaffolding and formwork systems in order to support the rapidly growing construction market in Panama and the surrounding region, where more than 150 major high-rise and resort complexes are either in development or approved for construction. These include the 75-story Iron Tower, one of the largest developments planned in Latin America, and the 65-story Trump Ocean Club Hotel and Tower. Construction demand is expected to get an added boost when work is scheduled to begin next year on the planned $5.25 billion expansion and modernization of the Panama Canal.
"This action establishes another strategic addition to Harsco's expanding business presence in the Latin American sector and will give our Harsco Access Services group the necessary in-county presence to directly support Panama's booming construction market," said Harsco CEO Salvatore D. Fazzolari. The operations are also expected to foster broader regional distribution opportunities. "We're building a strong foundation to enhance our regional presence and expertise across all of Central America, Mexico and the Caribbean," Mr. Fazzolari said.
The operations will be managed as a business unit of Harsco's Patent Construction Systems division, one of three Harsco Access Services divisions that collectively provide comprehensive access services and support from an integrated network of close-to-market locations spanning more than 30 countries worldwide. Key among Patent's Panama offerings will be its rental concrete forming and shoring products, which are used extensively on large-scale construction projects to form and support cast-in-place concrete structures, such as floors, walls, and columns.
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 2007 revenues of $3.7 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 and its Access Services business group can be found at www.harsco.com.
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