HARRISBURG, Pa., May 22, 2002 (PRIMEZONE) -- Worldwide industrial services and products company, Harsco Corporation (NYSE:HSC) today announced that its Harsco Track Technologies division has been awarded a contract by the New York City Transit (NYCT) system, to develop and produce a specially designed third-rail-powered track maintenance unit for rail grinding. Valued at close to $7 million, the contract includes initial maintenance services and spare parts support as well as an option for up to two additional units.
The rail grinder unit will be operated by NYCT to re-contour rail profiles and smooth rail surface corrugations, key factors in greatly reducing train noise, extending rail life and improving passenger comfort. Delivery is scheduled for early 2004, following a 24-month engineering development and production phase.
The unit is believed to be the first of its kind to be engineered and built expressly for third rail operation, meaning that all power will be drawn from an electrified rail running parallel to the track instead of the unit's customary on-board diesel engine. Using third rail power eliminates engine exhaust emissions, a critical factor for metropolitan transit systems like New York's, which include a large number of tunnels as well as underground subway lines.
New York City Transit is one of the most extensive and complex public transportation systems in the world, operating more than 230 route-miles of track. Its trains carry an annual ridership of 1.3 billion passengers. Harsco Track Technologies is the largest track maintenance services and equipment organization in North America, and the second largest in the world. The division serves a global market for railway track maintenance, estimated at more than $1.6 billion. In addition to metropolitan transit systems, key customers include major Class 1 railroads, regional and short line carriers, and industrial railways, all on a worldwide basis.
Harsco Corporation is a diversified provider of industrial services and products with market-leading positions serving the infrastructure development, steel, railway transportation, gas and energy industries. The company employs approximately 18,700 people in 40 countries of operation, and recorded 2001 revenues of $2.1 billion. Additional information about Harsco, including its Harsco Track Technologies division, can be found at www.harsco.com.
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