HARRISBURG, Pa., June 15, 2005 (PRIMEZONE) -- Worldwide industrial services and products company Harsco Corporation (NYSE:HSC) announced today that it has purchased a substantial inventory of Pro-Shore shoring equipment for mid- and high-rise concrete shoring and forming construction as improving market trends in the U.S. non-residential construction industry continue to generate positive upturns in equipment usage for its Patent Construction Systems access services division.
The equipment purchase from Pro-Shore's developer Pro-Shore LLC, an affiliate of Webcor Construction, Inc., is valued at approximately $14 million and adds to Patent's market-leading rental equipment support for the construction of open floor plan buildings, such as offices, hotels, and condominiums, as well as convention centers and parking garages.
Under agreement with Webcor, Patent began marketing the innovative Pro-Shore system in 2004 on a limited basis with significant success and acceptance in the marketplace. With this purchase of equipment, Patent expects to quickly roll out the Pro-Shore line to additional branches throughout its North America network. Also included is an agreement whereby Patent will become Webcor's exclusive provider of certain shoring equipment. Webcor ranks as the largest contractor in California and among the top 30 nationwide.
The improving U.S. non-residential construction picture echoes several leading industry forecasts, including one issued recently by the director of economics for Reed Business Information, who projected a 25.1 percent increase in the U.S. lodging sector this year and a 9.7 percent gain in office construction. The F. W. Dodge 2005 forecast, another highly-regarded industry predictor, has also reaffirmed its expectations for an increase in overall U.S. non-residential construction this year.
Particularly strong is the luxury condominium market throughout the southern United States, where Patent is supplying rental equipment to a number of new high-rise and mid-rise condominium projects, including the 55-story Trump Palace now nearing completion in North Miami Beach, FL and the 30-story Panorama Towers in Las Vegas.
In addition, Patent has received new contracts relating to infrastructure projects totaling more than $1.8 million to provide rental shoring and concrete forming equipment for the construction of four water treatment plants in the southwestern U.S., and to provide pedestrian protection and work platforms for a major HVAC system upgrade at the McCarran International Airport in Las Vegas. Patent is also advancing its strategies to provide increased support to industrial plant maintenance projects, having received new contracts totaling more than $1 million to support scheduled maintenance at two power plants in Utah as well as a phosphate plant in Wyoming. Patent's rental scaffolding and other access products are used to provide at-height work platforms and towers for contractor maintenance personnel.
Harsco's Access Services business segment is the world's leading provider of scaffolding, shoring, forming and other access solutions for major non-residential construction and industrial plant maintenance projects. The segment is led by the international SGB division, which operates in approximately 20 countries worldwide, and Patent, which operates throughout North America. The Access Services segment recorded worldwide sales of $706.5 million last year.
Harsco Corporation is a diversified, worldwide industrial services and products company with annual sales in excess of $2.5 billion. In addition to access services, Harsco's market-leading business segments provide mill services, engineered products and services, and gas containment and control technologies to customers worldwide. The company employs 18,500 people at over 400 locations in more than 40 countries of operation. Additional information about Harsco, including its Access Services segment businesses, can be found at www.harsco.com