HARRISBURG, Pa., June 28, 2002 (PRIMEZONE) -- Harsco Corporation (NYSE:HSC) announced today the sale of its Capitol Manufacturing operations to companies who are part of the privately held Phoenix Forge Group, of Reading, Pa. Terms were not disclosed. Capitol manufactures pipe fittings and related products for the industrial, plumbing, electrical, oil, pharmaceutical, and other major industries, and employs approximately 650 people at facilities in Westerville and West Jefferson, Ohio; Crowley, La.; and Ontario, Canada.
Harsco Chairman, President and Chief Executive Officer, Derek C. Hathaway said the divestiture reflects the Company's increasing concentration in higher-value industrial services. "Capitol has been part of our Harsco organization since 1959, when manufacturing represented approximately 85-90 percent of our revenues. As we continue to execute our transformation strategy, we expect that our industrial services businesses will increase to 70 percent of the Company's revenues this year, and 75-80 percent in 2003." Proceeds from the sale will be used to further Harsco's previously announced debt reduction strategy.
Harsco Corporation is a $2.1 billion worldwide industrial services and products company serving the infrastructure development, steel and metals, railway transportation, and gas and energy industries. The company employs approximately 18,000 people in 40 countries of operation. Additional information about Harsco can be found at www.harsco.com.