HARRISBURG, PA (June 02, 2011) . . . Worldwide industrial services and engineered products company Harsco Corporation (NYSE: HSC) announced today the sale of its non-core accommodation and event services businesses in the UK known as Rovacabin and Eventlink to the UK-based Wernick Group. Terms of the all-cash transaction were not disclosed.
The move will enable Harsco Infrastructure to focus its full resources on its blue chip construction and industrial customers throughout the world. It marks the last significant step in completing the Infrastructure group’s strategic restructuring, announced in the fourth quarter of last year, to permanently reduce the cost base of the business and set the stage for future earnings growth.
Announcing the sale, Harsco Executive VP and Infrastructure group CEO Ivor Harrington said, “Our in-depth strategic review highlighted that our accommodation and event operations would have a better long-term future as part of a specialist business dedicated to these sectors. With this last step of our restructuring, our focus is squarely on improving the performance of our core construction, civil works and industrial maintenance sectors, where we are already starting to make good progress and seeing continuing signs of market stability.”