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FINANCIAL NEWS
Harsco gains USD15m Saudi rail maintenance order
12 May 2011
(MENAFN) Harsco Corporation said that it received a new USD15 million order from Saudi Arabia for railway track maintenance and related equipment which deliveries would be completed by the end of this year, reported Arab News.
The infrastructure group added that the order would support the Kingdom’s new North South Railway USD2 billion system project to establish a 2,300 km rail line, adding that the railway would connect Saudi Arabia’s rich phosphate and bauxite reserves in the north with its processing facilities in Jubail, at the same time it would provide a new rail path for freight and passenger traffic.
It also said that the order was Harsco’s first and largest project from Saudi Arabia for railway track maintenance equipment which could lead to bidding opportunities for the Harsco Infrastructure group in the future. In addition, the group already had operations in Saudi Arabia through its joint venture partnership with Jeddah-based Al-Baroom Group, and its Harsco Metals business group which participated in the country’s steel industry.
It is worth noting that Harsco Corporation is a diversified, international industrial services and engineered products company serving foremost industries that are essential to worldwide infrastructure development and economic growth.
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