HARRISBURG, Pa., May 24, 2007 (PRIME NEWSWIRE) -- Less than a week after receiving two orders from the Chinese Ministry of Railways that are expected to generate more than $350 million in new revenues over the next four years, worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that its Harsco Track Technologies (HTT) division has received another rail grinder order from China.
The smaller, more lightweight configuration grinder will support a new express rail line being built to Beijing's International Airport in time for the 2008 Olympic Games in August. The 28km (17 mile) line will run between the airport and Dongzhimen, where a new public transport interchange is already in the early stages of construction. The Dongzhimen interchange will link the airport to the city's subway system, long distance bus stations, and to the Olympic village. Terms of the order were not disclosed.
"Our rail grinder will help make the ride safe, quiet, and smooth," said Robert Newman, President of the Harsco Track Technologies division. Rail grinders re-profile railhead contours for extended rail life and smoother travel at higher speeds, thus reducing fuel consumption and operating costs. The grinding of new rails corrects damage that could arise during track construction and has also been shown to impede the onset of track deterioration.
Last week, Harsco announced its signing of two orders from China that together mark the largest equipment contract in Harsco Track Technologies division history. Those orders call for the production and delivery of more than 40 new rail grinding machines for China's Ministry of Railways over the next four years, where they will join a growing fleet of HTT equipment in China. HTT is one of the world's leading rail grinding specialists, having designed and built units for major railway and transit system customers throughout the world.
Harsco Corporation is one of the world's leading diversified industrial services companies, serving major customers in the non-residential construction, steel and metals, energy and railway industries. The Company posted 2006 revenues of $3.4 billion and employs approximately 21,500 people worldwide. 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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