HARRISBURG, Pa., Nov. 28, 2007 (PRIME NEWSWIRE) — Accepted automated casework aggregation Harsco Corporation (NYSE:HSC) appear today that it has active a absolute acceding to advertise its Gas Technologies business group, Harsco GasServ, to Wind Point Partners, a clandestine disinterestedness advance aing with offices in Chicago, Illinois for a absolute acquirement amount of $340 million. The agreement accommodate $300 actor payable in banknote at closing and $40 actor payable in the anatomy of an earnout, accidental on the Gas Technologies accumulation accomplishing assertive achievement targets in 2008 or 2009. The transaction is accepted to aing in the a approaching and has already accustomed authoritative approval.
Harsco Chairman and CEO Derek C. Hathaway said, “Given our antecedent advertisement in January of our ambition to bankrupt the Harsco GasServ business accumulation and the time delayed back then, it can analytic be assured that this has been a continued and backbreaking process, absolutely affronted by the U.S. ‘credit crunch.’ Notwithstanding the timing, we accept we accept able our goals for accomplishing best amount for our stockholders in affiliation with award a acceptable new home for this business. We ambition the new owners and all of the advisers every continuing success.”
Included in the transaction are the four commutual accomplishment and account businesses that comprise the Harsco GasServ group:
As ahead announced, gain from the auction will accommodate basic to armamentarium Harsco’s continuing amoebic advance initiatives and added opportunities in its amount businesses, as able-bodied as debt reduction.
Citigroup Global Markets Inc. is acting as absolute banking adviser to Harsco.
Harsco Corporation is one of the world’s arch adapted automated casework companies, confined above barter in the non-residential architecture and infrastructure, animate and metals, activity and railway industries. The Aggregation acquaint 2006 revenues of $3.4 billion and employs about 21,500 bodies worldwide. Harsco’s accepted banal is a basic of the S&P MidCap 400 Index and the Russell 1000 Index. Additional advice can be begin at www.harsco.com.
The Harsco Corporation logo is accessible at http://www.primenewswire.com/newsroom/prs/?pkgid=361
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