Date of Report (Date of earliest event reported) May 29, 2018 | ||||||||
Harsco Corporation | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
Delaware | 001-03970 | 23-1483991 | ||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
350 Poplar Church Road, Camp Hill, Pennsylvania | 17011 | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code (717) 763-7064 | ||||||||
(Former name or former address, if changed since last report.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD Disclosure |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description | |
Press Release dated May 29, 2018 |
Harsco Corporation | ||
Date: May 29, 2018 | /s/ Russell C. Hochman | |
Russell C. Hochman | ||
Senior Vice President and General Counsel, Chief Compliance Officer & Corporate Secretary |
Investor Contact David Martin 717.612.5628 damartin@harsco.com | Media Contact Jay Cooney 717.730.3683 jcooney@harsco.com |
▪ | Market leadership. ALTEK has built market leading brands, with a #1 global position in aluminum dross pressing and electromagnetic stirring equipment. Its core (legacy) products are currently present in nearly 60 countries with over 400 installations. |
▪ | Innovative technologies. AluSalt is an on-site salt slag processing technology that offers meaningful cost advantages and greater operational flexibility over current market technologies. Other innovations are under development and, since its formation, ALTEK has an established track-record of developing and successfully bringing to market new technologies to support the global aluminum industry. |
▪ | Strengthens Harsco’s environmental brand. AluSalt and other ALTEK products complement the environmental brand of Harsco’s Metals & Minerals business and fit the core strategy of creating value from waste, with another zero-waste solution. Further, ALTEK represents an initial step in building a significant environmental solutions business within the aluminum industry. |
▪ | Significant market opportunity. Salt slag processing today represents a nearly $2 billion potential market and is likely to realize future growth rates above the underlying aluminum market. ALTEK’s initial AluSalt plant is now operational in Europe, and ALTEK’s revenues are expected to approach $100 million within five years, representing a roughly 40 percent CAGR and only a modest portion of the total market opportunity. |
▪ | Growth-driven management team. The entrepreneurial leadership team of ALTEK fits well within the Harsco M&M business and is positioned to accelerate ALTEK’s growth. |
▪ | Leverage global footprint and relationships, with complementary solutions. ALTEK will benefit from Harsco’s Metals & Minerals global platform, extensive customer relationships and core process disciplines. Also, certain ALTEK primary products and by-products have applicable, value-enhancing applications within the steel industry. |
▪ | Fits financial framework for acquisitions. ALTEK is a profitable, capital-light business with attractive margins and is anticipated to generate robust investment returns. It is expected to be accretive to Harsco’s earnings per share and free cash flow in 2019, after considering acquisition accounting adjustments. Also, Harsco’s capital structure and financial flexibility remain strong following this transaction. |
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