HARRISBURG, Pa., Nov. 19, 2002 (PRIMEZONE) -- Harsco Corporation (NYSE:HSC) announced today that its Board of Directors has authorized a five percent increase in the Company's dividend rate and declared a regular quarterly cash dividend of 26.25 cents per share, or $1.05 per share on an annualized basis. The increased dividend is payable February 14, 2003 to stockholders of record as of January 15, 2003.
Commenting on the Board's action, Harsco Chairman, President and CEO Derek C. Hathaway said: "The Board's decision to increase Harsco's cash dividend reflects its continued confidence in our future cash flows. This action is consistent with management's balanced strategies for growth and stockholder wealth. It will not limit our current and future debt reduction efforts, nor limit our ability to consider future strategic acquisitions or internal growth initiatives. We continue to believe that it is important to present our stockholders with an immediate return on their investment in the form of a steady cash dividend, particularly in these times of significant stock market volatility."
The dividend represents the 211th consecutive cash dividend paid to Harsco stockholders at the same or increased rate. The company has paid dividends each year since 1939, and has increased its dividend in each of the last nine years, and ten of the last eleven years.
Harsco Corporation is a diversified $2.1 billion industrial services and products company employing approximately 18,000 people in more than 40 countries of operation. The company's market-leading businesses serve the worldwide infrastructure development, steel and metals, railway transportation, and gas and energy industries. Additional information about Harsco can be found at www.harsco.com.