Tuesday, industrial services company Harsco Corporation (HSC) announced the acquisition of Latin American engineering and equipment services provider ESCO Interamerica, Ltda with a view to expand its footprint in the emerging markets. Terms of the deal were not disclosed.
The acquisition is expected to be accretive to Harsco's earnings in 2010, and will be funded principally from the company's cash flows.
ESCO combines more than 50 years of scaffolding and formwork experience in the construction services industry, employs about 450 people, and recorded about $50 million in sales for 2008.
Camp Hill, Pennsylvania-based Harsco said the acquisition is expected to immediately expand the group's existing Latin America presence in Mexico, Chile and Peru with seven additional countries, including Colombia, Costa Rica, El Salvador, Guatemala, Panama, Trinidad and Tobago, and Puerto Rico while increasing Harsco Infrastructure's overall global footprint to more than 40 countries.
The acquisition also is expected to give the company's Harsco Infrastructure segment a platform for additional expansion throughout the Latin America market, particularly Brazil, where multi-billion dollar investments in public infrastructure, energy and tourism-related construction are anticipated.
"ESCO is a truly scalable platform," said Harsco Chairman and CEO Salvatore Fazzolari. "They operate a lean, efficient organization that shares our passion for value creation and uncompromising integrity. We expect them to be a dynamic catalyst to Harsco's growth as we leverage our broad-based engineering and equipment resources to augment their market presence."
HSC is currently trading at $33.47, down 0.51% on the NYSE.
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