HARRISBURG, Pa., Dec. 15, 2006 (PRIME NEWSWIRE) -- Worldwide industrial services and products company Harsco Corporation (NYSE:HSC) announced today it has acquired the 49 percent minority interest of its joint venture partner in China for Taylor-Wharton cryogenic gas tank production in a cash transaction reflecting the net book value of the minority shares plus a small upward adjustment for an interim dividend payment.
Taylor-Wharton's China operations have become one of that country's leading producers of precision containment vessels for industrial gases and were one of the first foreign-invested enterprises in China to be licensed for all phases of cryogenic tank production for the Chinese market. The operations are scheduled to move into a new, increased capacity plant that is expected to become operational in early 2007.
"As a wholly-owned subsidiary, Taylor-Wharton China will be fully under Harsco direction, a step that will enable us to receive the full benefit from our growth opportunities in this sector while eliminating the distractions not uncommon to multi-partner arrangements," said Harsco Chairman and CEO Derek C. Hathaway.
The cryogenic gas tank operation is part of a growing Harsco operating presence in China. Harsco's MultiServ division has been providing on-site, outsourced mill services to the Chinese steel industry for more than 15 years. The division currently serves two large Chinese steelworks at Tangshan and Hangzhou, and is pursuing a number of additional customer locations. China is also one of the largest international customers for Harsco's railway track maintenance equipment and services division, Harsco Track Technologies (HTT). Harsco expects further bidding opportunities to add to its support of China's national railway modernization plans and its growing metropolitan transit system network.
Harsco Corporation is a diversified, worldwide industrial services and products 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 can be found at www.harsco.com.
The Harsco Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=361