Harsco Corporation Settles Long-Standing Defense Business Case ; Settlement Will Not Impact Earnings
(Source : Harsco Corporation)

HARRISBURG, Pa.--- Harsco Corporation announced today that it has reached an agreement with the U.S. Government to settle a long-standing legal action in the U.S. Court of Federal Claims concerning the Company's former BMY Division and its contract for M109A2 military howitzers produced during the 1980s. Under the settlement agreement, Harsco will pay the U.S. Government $11 million. Both parties have also agreed to release all other claims in the case.
The settlement payment, which will be charged against an existing reserve, will not affect Harsco's earnings.
The agreement closes one of the remaining legal cases from the Company's former defense unit. Harsco ceased direct management involvement in the defense business in 1994 when it transferred the BMY Combat Systems Division into United Defense, L.P., a joint venture with FMC Corporation. In 1997, Harsco exited the defense industry by selling all of its interests in United Defense.
Harsco Corporation is a diversified, $1.7 billion international provider of industrial services and products, employing 15,000 people at operations in 34 countries.

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