HARRISBURG, Pa., Dec. 11, 2008 (GLOBE NEWSWIRE) -- The Board of Directors of Harsco Corporation (NYSE:HSC) today increased the Company's dividend rate by 2.6 percent, representing the Company's 15th consecutive year of dividend increases.
The action increases the Company's regular quarterly cash dividend rate to $0.20 per share, or $0.80 per share on an annualized basis, up from the current $0.195 per share, or $0.78 on an annualized basis. The increased dividend rate is expected to become effective with the Company's next scheduled quarterly dividend declaration in early 2009.
Commenting on the Board's action, Harsco Chairman and CEO Salvatore D. Fazzolari said, "Given the turbulent economic climate, the Board has been appropriately deliberate in its customary year-end dividend review. Its decision to increase the dividend rate at this time reaffirms the Board's confidence in Harsco's continuing strong cash flows and long-standing capacity for rewarding stockholders. This comes on top of the approximately 4.5 million shares of Harsco stock that we have repurchased this year, or nearly 5 percent of the total shares outstanding, as well as the considerable steps we have taken to strengthen our balance sheet and enhance liquidity in support of our global growth objectives."
Harsco Corporation is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and development, including infrastructure, metals and railways. The Company employs approximately 23,000 people in 50 countries of operation. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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