New book by Larry Connors Click here Improve your trading - See how
Harsco's agreement with Zhejiang Construction Materials and Equipment Company Limited, a subsidiary of Zhejiang Construction Group, brings together Harsco's extensive global expertise and resources with one of the largest construction organizations in China, having annual sales in excess of $6 billion. The joint venture will initially target major project opportunities in the commercial building, infrastructure and industrial plant maintenance sectors of Zhejiang Province, a rapidly-growing region on China's eastern coast that ranks as China's fifth largest economic province. Zhejiang has become a center for chemical, electromechanical and textile production and a focal point for continued economic and infrastructure development. Its 11 major cities are ranked among the top 30 in China for per capita income. The partnership will be based in Hangzhou, the capital of Zhejiang Province.
The joint venture agreement was signed today at an official ceremony in Hangzhou attended by U.S. Secretary of Commerce Gary Locke; Ambassador Ronald Kirk, President Obama's senior trade representative; and Zhejiang Provincial Governor Lu, Zushan, all of whom voiced their support.
Announcing the new relationship, Harsco Chairman and CEO Salvatore D. Fazzolari said, "This is an exciting new gateway for Harsco into one of the world's most buoyant construction economies. We are delighted to be in partnership with a company whose size and stature rank among the very best in China and whose focus on supporting economic growth and development directly complements our own." Harsco will hold a 70% equity share in the new joint venture company. Operations are expected to begin in the latter part of the first quarter of 2010.
"We believe that over the longer term, China has the potential to be a significant market for Harsco's services and products," Mr. Fazzolari continued, "although at this early stage it's impossible to predict with certainty the potential revenue opportunity from this agreement and other opportunities we are considering."
Harsco Corporation is a diversified industrial services company serving global industries that are fundamental to worldwide economic growth, including infrastructure, metals, railways and energy. Harsco is recognized as one of the Fortune 1000 leading companies in America and has been named five times to the Platinum 400 list of the best big companies by Forbes magazine. Harsco's common stock is a component of the S&P Mid Cap 400 Index and the Russell 1000 Index. Additional information can be found at Harsco's website at www.harsco.com.
The Harsco Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=361
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Harsco Corporation
CONTACT: Harsco Corporation Investor Contact Eugene M. Truett 717.975.5677 etruett@harsco.com Media Contact Kenneth D. Julian 717.730.3683 kjulian@harsco.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
