HARRISBURG, Pa., June 27, 2003 (PRIMEZONE) -- Harsco Corporation (NYSE:HSC) announced today that it has acquired the Industrial Services Division of C.J. Langenfelder & Son, Inc., a privately-held, Baltimore-based provider of on-site, outsourced steel mill services. Terms were not disclosed.
The acquisition expands Harsco's existing European relationship with U.S. Steel to encompass several of the steelmaker's domestic operations, and also expands Harsco's relationship with International Steel Group (ISG) and its former Bethlehem Steel operations. Langenfelder provides basic mill services to six separate U.S. Steel and ISG locations, including U.S. Steel's Gary Works, the largest integrated steel plant in North America, and the Bethlehem Steel-Sparrows Point plant now owned and operated by ISG. In total, Langenfelder services an estimated 6.8 million tons of liquid steel production per year at its various U.S. locations.
Harsco will integrate Langenfelder's operations into its Heckett MultiServ mill services unit. Langenfelder's Industrial Services Division generated revenues in excess of $40 million in 2002 and employs approximately 250 people.
"This strategic, accretive addition to our flagship Mill Services operating segment gives us significant relationships with two of the major players in the consolidation and re-strengthening of the North American steel industry," said Harsco Chairman, President and CEO Derek C. Hathaway.
"As with many of our Heckett MultiServ customers, most of Langenfelder's contracts have been in place for decades, a testimony to the quality of their relationships," Mr. Hathaway said. "We look to continue Langenfelder's excellent record, and also to introduce the potential for future expansion through the added range of services and technologies available from our Heckett MultiServ portfolio."
The largest of Harsco's four operating groups, Heckett MultiServ is the world's leading provider of specialized, outsourced mill services to the steel and metals industries. The division operates under long-term, renewable contracts at approximately 150 on-site locations worldwide, and serves many of the world's largest steel and metals producers with the industry's most comprehensive and technologically advanced range of services for virtually every major phase of the steelmaking process.
Harsco Corporation (NYSE: HSC) is a $2 billion industrial services and products company employing approximately 17,500 people in more than 40 countries of operation. Harsco's market-leading businesses provide mill services, access services, gas and fluid control products, and other infrastructure products and services to customers worldwide. Additional information about Harsco, including its Heckett MultiServ division, can be found at www.harsco.com.