HARRISBURG, Pa., Aug. 24, 2009 (GLOBE NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today its formation of a new joint venture partnership in the Kingdom of Saudi Arabia that will give Harsco a solid platform for continued growth in this region, as infrastructure spending in Saudi Arabia and other parts of the Gulf is expected to grow substantially over the next five years and beyond, including a reported $400 billion in Saudi Arabia alone.
The new joint venture builds on the long-standing collaborative agreement between Harsco and the Jeddah-based Al-Baroom Group, one of the largest and best-established construction sector companies in Saudi Arabia. The new company will bring together the two organizations' broad experience and market knowledge to provide highly-engineered scaffolding and formwork systems and expert installation services to the Saudi infrastructure and construction markets. Saudi Arabia has outlined a number of initiatives that are expected to make it one of the most significant construction sites in the world over the coming years. One of the largest is the anticipated construction of King Abdullah Economic City, envisioned by planners as a hub for industrial innovation and logistics that will be built along the Red Sea north of Jeddah. Its blueprint includes a new international seaport and large-scale industrial zone, as well as residential housing for a projected population of more than 1.5 million. Planners say the new city will be roughly twice the size of Paris.
"This new joint venture will formalize and strengthen our successful relationship and should enable us to add substantially to our performance from this important growth market," said Harsco Chairman and CEO Salvatore D. Fazzolari. "We are honored by our proud and strong relationship with the Baroom family and the long-standing reputation for excellence and integrity that has been achieved in every aspect of our partnership."
Harsco Corporation is a diversified industrial services company serving global industries that are fundamental to worldwide economic growth, including infrastructure, metals, railways and energy. 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 Harsco's new website at www.harsco.com.
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