Search Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.

Harsco shedding infrastructure division

Keywords: Tags  Harsco, infrastructure division, Metals and Minerals, Patrick Decker, Clayton, Dubilier & Rice, Brand Energy & Infrastructure Services, divestment Lisa Gordon

PITTSBURGH — Harsco Corp. will sell its infrastructure division to a joint venture with New York-based private equity firm Clayton, Dubilier & Rice LLC, which will combine the assets with Brand Energy & Infrastructure Services Inc.

The Camp Hill, Pa.-based company, which will receive $300 million and a 29-percent stake in the combined company, said it wants to focus on its metals and minerals segment.

"This transaction is the first major step in the strategic transformation of Harsco," president and chief executive officer Patrick Decker said.

The divestment will strengthen the company’s balance sheet, simplify its business structure and allow it to allocate money to opportunities that can net higher returns, Decker said. Harsco also plans to explore bolt-on acquisitions and seek organic growth.

"This transaction is aligned with Harsco’s stated objectives to generate more attractive returns and improve the underlying performance of its businesses, particularly its Metals and Minerals segment," the company said.

Harsco has been working since 2010 to improve its infrastructure business, which hasn’t posted a profit since 2009.

Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

Latest Pricing Trends