HARRISBURG, Pa., Sept. 7, 2006 (PRIMEZONE) -- Worldwide industrial services and products company Harsco Corporation (NYSE:HSC) announced today that its Harsco Track Technologies (HTT) division has received new service contracts valued at more than $75 million that will extend its operation and maintenance of HTT-built railway track maintenance equipment in the U.K. through at least November 2008, plus optional extensions.
Network Rail, which owns and operates Britain's rail infrastructure, has awarded the contracts. They include performance incentives that build on the successful work already being carried out by HTT under previous arrangements. HTT is the only U.S. original equipment company approved to operate and maintain its own-manufactured, large on-track maintenance equipment in the U.K.
The first of two contracts from Network Rail provides for the scheduled maintenance and daily service support of Network Rail's fleet of 18 plain-line Stoneblower machines and three switch and crossing Stoneblowers. During the past two years, HTT has made significant investments in engineering and service resources that have resulted in substantial improvements in fleet availability. The new contract recognizes this achievement and formally extends the improvement program.
The second contract covers the management, operation and maintenance of five Network Rail-owned switch and crossing rail grinding machines. HTT has carried out this scope of work since the introduction of the machines in the U.K. in 2004 and has been instrumental in developing, with Network Rail, working methods and performance specifications for switch and crossing grinding operations, an arrangement that has resulted in very high levels of equipment availability.
HTT's Stoneblowers and rail grinders are extremely effective pieces of equipment that maintain correct rail profile and the precise alignment and surface smoothness of track to enable higher travel speeds, improved safety, reduced wear, and lower fuel consumption. HTT is one of the world's largest railway track maintenance services and equipment providers, serving as a primary source for over 140 types and models of work equipment used specifically for the maintenance, renewal, and new construction of railway track.
Harsco Corporation is a diversified, worldwide company with four market-leading business groups that provide mill services, access services, engineered products and services, and gas containment and control technologies to customers around the globe. The Company employs approximately 21,000 people in 45 countries of operation and recorded 2005 sales of $2.8 billion. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information about Harsco, including its Harsco Track Technologies division, can be found at www.harsco.com.
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