HARRISBURG, Pa., April 27, 2011 (GLOBE NEWSWIRE) -- Addressing stockholders at the Company's 56th Annual Meeting held yesterday, Harsco Chairman, President and CEO Salvatore D. Fazzolari reiterated the objectives the Company had previously articulated at its Annual Investors Conference for restoring consistent double-digit earnings growth over the next five years.
Mr. Fazzolari outlined to stockholders the four broad strategies of the Company's earnings growth roadmap:
- Full realization over 2011 and 2012 of the cost savings from the 2010 restructuring of the Harsco Infrastructure business. Mr. Fazzolari noted that the Company has responded to the significant global construction market downturn with aggressive counter-measures to re-position the business and restore its growth momentum.
- The capture of expected significant benefits from the Company's OneHarsco initiative, which includes leveraging Harsco's global footprint and business synergies to create additional efficiency throughout its operations.
- Realizing the benefits from the numerous organic growth projects on which the Company is currently bidding or expects to bid.
- The realization of benefits from the Company's prudent and balanced use of its free cash flow, which will provide additional earnings power in the future.
In other actions, stockholders approved the election of all nine returning members of the Board of Directors to serve until the 2012 Annual Meeting and also ratified the Audit Committee's appointment of PricewaterhouseCoopers LLP as Independent Auditors for the year ending December 31, 2011. Stockholders also overwhelmingly endorsed the advisory vote on named executive officer compensation, the so-called say-on-pay vote, and also overwhelmingly approved the Board's recommendation for an every one year frequency for future advisory votes on named executive officer compensation.
In addition, the Board announced that it has elected Kathy G. Eddy as Lead Independent Director. Ms. Eddy is a Certified Public Accountant and founding partner of McDonough, Eddy, Parsons & Baylous, AC, a public accounting firm based in West Virginia. Among her numerous professional and civic achievements, Ms. Eddy has served as the Chairman of the American Institute of Certified Public Accountants. She has been a member of the Harsco Board of Directors since 2004, and currently serves as a member of the Audit Committee.
Harsco Corporation (NYSE:HSC) is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in global infrastructure development and economic growth. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at .
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