HARRISBURG, Pa., June 2, 2010 (GLOBE NEWSWIRE) -- Worldwide industrial services and engineered products company Harsco Corporation (NYSE:HSC) announced today that its Harsco Infrastructure business has been selected to provide specialized concrete forming equipment and related engineering support for a new hydroelectric dam now starting construction in Ethiopia that when completed, will become part of the largest hydroelectric power plant in Africa.
The Gibe III project in southern Ethiopia is expected to generate new revenues well in excess of $2 million for Harsco over the next two years as the Company supplies special-purpose dam formwork and related engineering support to the concrete construction of the new 243 meter-high (797 foot) dam being built on the Omo River. The plant will serve Ethiopia as well as its surrounding neighbors with up to 1,870 MW of electric power, more than doubling Ethiopia's power generating capacity. The dam will also provide flood protection for the region and help to regulate water supplies during the dry season.
Harsco's selection for the Gibe III project by Italian general contractor Salini Costruttori follows a continuing trend where leading construction contractors from Italy, France and other countries with whom Harsco already has long-standing relationships are being tapped for some of Africa's largest infrastructure projects. Harsco has supported Salini on such other projects as the preceding Gibe I and Gibe II dam projects; a new dam and powerhouse in Nigeria; and the massive Bujagali dam in Uganda, previously announced by Harsco last year. Harsco is also supporting Salini in the construction of the new Millennium Tower and Culture Centre, Nigeria's tallest building, as well as a new Nigerian motorway viaduct.
Announcing the Gibe III award, Harsco Chairman and CEO Salvatore D. Fazzolari said, "We're gratified to see the many long and successful relationships that we have earned in Europe being turned into new opportunities for us in such a vast and potentially significant long-term infrastructure development market as Africa."
Harsco announced that it intends to establish a local support office in northern Africa this summer that will provide close-to-market access engineering, technical site support and erection and dismantling (E&D) services in support of its growing African presence and contractor relationships.
Harsco Corporation is one of the world's leading diversified industrial services and engineered products companies, serving key industries that play a fundamental role in worldwide economic growth. 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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