Harsco sells Monroe County manufacturer

Ioannis Pashakis//November 21, 2019

Harsco sells Monroe County manufacturer

Ioannis Pashakis//November 21, 2019


Harsco Corp. headquarters in Wormleysburg. (Photo: Submitted) – File

Cumberland County-based manufacturer Harsco Corp. sold its boiler manufacturing business in Monroe County this month as it continues to divest its industrial segment.

Harsco announced last week that it completed the sale of Patterson-Kelly, a maker of water heaters, boilers and control systems in East Stroudsburg, to Charlotte-based SPX Corp. for $60 million.

Harsco provides on-site services and engineered products to manufacturers working in steel, aluminum, energy and railways. The Camp Hill company employs more than 11,000 people and operates in more than 30 countries.

Proceeds from the sale are expected to be used to reduce Harsco’s debt and to continue to grow the company’s remaining segments.

“The sale of our Patterson-Kelley business marks yet another significant step for Harsco as we continue to transform into a single thesis environmental solutions company,” said Nick Grasberger, Harsco’s CEO and chairman of the company’s board. “The sale further enables the company to focus on our high growth areas with a stronger balance sheet, increased financial flexibility and less cyclical businesses.”

This year, Harsco also sold Air-X-Changers, an engineered-to-order cooler manufacturer in Tulsa, Ok., to Chart Industries Inc. in Ball Ground, Georgia, for $592 million.

Both Air-X-Changers and Patterson-Kelly were part of Harsco’s strategy to divest its industrial segment, a move that the company said would allow it to focus on its other segments including Clean Earth, Harsco Environmental and Harsco Rail.

The company plans to complete the erasure of its industrial segment by finding a buyer for IKG manufacturers, Harsco’s industrial bar grating manufacturer in Channelview, Texas.