HARRISBURG, Pa., Dec. 16, 2009 (GLOBE NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today another step in its continuing strategic expansion with its execution of a purchase agreement to acquire Bell Scaffolding Group, one of Australia's largest, privately owned infrastructure solutions companies. The acquisition is expected to close in early January 2010. Terms were not disclosed.
Operating across the eastern seaboard of Australia through a network of branch locations, Bell Scaffolding is a fully integrated infrastructure solutions provider serving the industrial, infrastructure and commercial construction sectors. Bell's capabilities range from technical design and support through supply and erect contracts as well as sales. The company's long-standing client list includes some of Australia's largest and best-known industrial, mining and construction companies.
"Bell Scaffolding is the type of solid, geographically well-positioned company we have been seeking to further grow our market share within Australia and the Asia-Pacific region," said Harsco Chairman and CEO Salvatore D. Fazzolari. "Coupled with our recently announced joint venture with one of China's largest construction groups and our growing presence in other parts of this region including India, Harsco is bringing together the essential ingredients for a strong and sustainable market presence in this active and important region."
The acquisition also complements Harsco's recently-announced purchase of ESCO Interamerica, which is one of Latin America's premier engineering and equipment services providers to the infrastructure sector. Completed last month, the ESCO acquisition has immediately expanded Harsco's existing Latin America presence with seven additional countries of operation and provides a gateway into additional countries such as Brazil.
"As with ESCO, we believe that Bell is a readily scalable business," said Mr. Fazzolari. "Armed with the full range of Harsco Infrastructure's diverse rental equipment assets and services, we believe that Bell will be in position to secure additional new opportunities and become a solid catalyst to Harsco's growth in Australia and the surrounding region." The acquisition is expected to be accretive to Harsco's earnings in 2010, and will be funded principally from the Company's strong cash flows. Bell employs approximately 300 people and recorded 2008 sales of nearly $40 million. Further information can be found at www.bellscaf.com. The company will become part of the Harsco Infrastructure group's Middle East, Africa and Asia-Pacific region operations.
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 is recognized as one of the Fortune 1000 leading companies in America and has been named five times to the Platinum 400 list of the best big companies by Forbes magazine. Harsco's common stock is a component of the S&P Mid Cap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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