Anyone would care to chime in with a prediction about potential Harsco Layoffs 2021? Any news or rumors?
15 replies (most recent on top)
I heard 3 or 4 developers were let go last week at Harsco Rail.
Has anyone else heard anything?
It is tomorrow, Tuesday May 4, 9:00 AM.
https://investors.harsco.com/events-calendar
Q1 2021 Harsco Corporation Earnings Conference Call
Tuesday May 5, 2021 Harsco announces quarterly profits.
Will we hear anything about possible sale of Harsco Rail?
Will we hear anything about possible layoffs?
Saw on another post/thread that Town Hall meeting for Rail is tomorrow April 13.
Does anyone know if we will be hearing anything about rail being sold soon?
Is there any more news about layoffs at Rail?
My prediction, you will see in this order.
1 - first round of lay offs and cost write downs, typically large.
2 - there will be a press release about the buyers.
3 - sale completed after government approves.
4 - another round of lay offs as the buyers always have their own people.
Most at risk, management and support functions, purchasing, HR, accounting. All RLT members will be given great incentives when they leave "voluntarily" of course "to spend more time with their families" as they drive trucks full of cash to the banks.
Its on page 9 of transcript
"There are a number of buyers that have expressed interest"
went here to investigate rumors about Harsco Rail being sold:
https://investors.harsco.com/financial-information/quarterly-earnings
clicked on transcript
Huang Howe - Barrington Research Associates, Inc., Research Division - Senior Investment Analyst & Research Analyst That makes sense. And another question on the rail segment. You had mentioned you're still have your sights, and you still believe in the long-term potential of the rail segments previously, $100 million of EBITDA and $500 million of revenue. But as we kind of look forward to the right for the business, the backlog has remained consistently strong. How do you balance the backlog strength and the realization of its growth potential with the timing of your strategic initiatives as we kind of move out into FY '22 and even FY '23, given your movement towards a pure-play environmental services company.F. Nicholas Grasberger - Harsco Corporation
- Chairman, President & CEOYes. So Chris, that's a very good question and very much top of mind for Pete, myself and others in the organization. And it's a difficult balance because, on one hand, we're, as I mentioned, quite optimistic about the prospects of our Rail business over time. There are also benefits to timing potentially of a transaction. So we're very much thinking through how to balance those two. We do believe that when we undertake a process for the Rail business, that it will be a very competitive process.
There are a number of buyers that have expressed interest
and that would drive significant strategic benefits from it when you consider our pipeline, the footprints, new products, growing installed base that will yield good after market opportunities going forward. So there's an awful lot to like about the business. And so we're quite confident that a process would be quite successful and that we will receive a strategic multiple for it. But I really can't indicate at this point what that best timing will be, but it is very much top of mind.
Rail will be sold soon.
Confirmed in the investor meeting last week.
Listen for yourself, an investor asks about it in the Q and A period near the end of the meeting.
No information on timing or who.
https://investors.harsco.com/events/event-details/q4-2020-harsco-corporation-earnings-conference-call
(Tomorrow morning)
help us figure out what is going on, post what you know here and get others to help us.
Layoffs will continue in rail. From what I am learning it will be 2-4 people every couple of weeks.
What I am seeing is rail will be sold soon. Cost cutting needs to happen before the transaction is complete so it can be written off as part of the divesture. The costs of what is left gets amortized again by the new company.
The new owners have already been given tours of the buildings. Just waiting for the Covid impacts to be reduced.
Charlotte will be closed shortly after the deal closes, not many people around. The new owners have a very strong engineering team and good systems in place.
I recommend the employees be aware of this website. Perhaps they aren't aware that this site is available. Spread the word!
https://finance.yahoo.com/news/harsco-corporation-participate-bmo-capital-130000842.html
Harsco Corporation to Participate in BMO Capital Markets 2020 Growth & ESG Conference
https://capitalmarkets.bmo.com/en/about-us/
BMO Capital Markets is a leading, full-service financial services provider. We offer corporate and investment banking, treasury management, as well as research and advisory services to clients around the world.
https://finance.yahoo.com/news/harsco-chief-financial-officer-peter-211500501.html
Harsco Chief Financial Officer Peter F. Minan to Retire in April 2021
https://finance.yahoo.com/news/harsco-corporation-moodys-downgrades-harscos-225406002.html
Harsco Corporation – Moody's downgrades Harsco's CFR to Ba3; outlook remains negative
Harsco finances getting tighter, seems to me like layoff is a real possibility.
Thoughts?
It has been rather quiet lately.
Usually no news is good news, but sometimes it is quiet before the storm.
How is Harsco Rail doing?