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Harsco to cut jobs, facilities to save money

Harsco Corp. could spend between $25 million and $35 million
– much of that on severance
packages, cancelled contracts and facility closings – to cut costs in 2009,
according to a filing yesterday with the U.S. Securities and Exchange
Commission.

Harsco Corp. could spend between $25 million and $35 million
– much of that on severance
packages, cancelled contracts and facility closings – to cut costs in 2009,
according to a filing yesterday with the U.S. Securities and Exchange
Commission.

The company estimates between $10 million and $14 million
would go toward severance for layoffs.

Between $8 million and $11 million would go towards
cancelling underperforming contracts and operations. The company could spend
between $3 million and $4 million on facility closures and lease run-out costs.

Pension-plan curtailment could cost $2 million to $3
million, according to the filing.

The company did not specify which facilities are considered
for closing, nor how many employees would be laid off and offered buyouts in
the restructuring plan.

Harsco announced its cost-cutting measures Oct. 30 as part
of strategies to ride out the recession and preserve strong performance. The
company expects the measures to save between $30 million and $40 million
annually.

Harsco, based in
Wormleysburg, Cumberland
County, provides
industrial products and services to companies in various sectors, including
non-residential construction, energy, steel and metals manufacturing and railways.

The company’s
stocks are traded on the New York Stock Exchange under the ticker symbol HSC.

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