Harsco Corporation has recently announced the acquisition of Northern Hemisphere Mill Services Operations of Brambles.
The Worldwide industrial services and products company Harsco Corporation has announced that it has completed the acquisition of the Northern Hemisphere Steel Mill Services Operations of Brambles Industrial services (BIS).
The company paid Â£133 million plus a working capital adjustment for the business, and is proceeding with the appropriate regulatory filings. The acquisition, made on a cash free/debt free basis, is expected to be accretive to Harsco\\$quot;s 2006 earnings.
Operating under long-term contracts at some 19 locations in the U.K., France, Holland and the U.S., the operations add to the global breadth and scope of Harsco\\$quot;s Mill Services segment, expanding its provision of on-site, outsourced mill services to the steel and metals industries to approximately 180 sites in 32 countries. The operations provide a complementary range of mill services that includes metal recovery, slag processing, and material handling, and specialty operations that include the briquetting of waste materials for recycling into the steelmaking process. The operations employ approximately 1,500 people and posted fiscal year 2005 revenues of approximately $195 million.
Harsco Chairman, President and CEO Derek C. Hathaway said, \\$quot;The addition of these high quality operations represents an excellent strategic fit which further strengthens our partnerships with the leading producers in the global steel industry and increases our opportunities for long-term service growth.
\\$quot;Coupled with our HÃ¼nnebeck Group acquisition last month, expanding our Access Services segment, we continue to execute on our strategic objectives for strengthening Harsco\\$quot;s global industrial services base and providing increasing value for our stockholders.\\$quot;
Harsco\\$quot;s Mill Services segment provides the world\\$quot;s leading steelmakers with a comprehensive range of services that support the entire steelmaking process, including integrated materials handling, semi-finished and finished product management, and metal recovery and byproduct recycling. Similar services are provided to the makers of aluminum, copper and other metals.
Harsco Corporation is a diversified, worldwide industrial services and products company with projected 2005 sales in excess of $2.7 billion.