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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event) December 22, 1999
Harsco Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-3970 23-1483991
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification
Number)
Camp Hill, Pennsylvania 17001-8888
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (717) 763-7064
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ITEM 5. Other Events
On December 22, 1999, the Company announced that it reached agreement
with the U.S. Government on behalf of its former BMY Combat Systems Division to
settle a long-standing and previously disclosed Government investigation into
contract certifications made by BMY under a foreign military sales program in
the early 1990s. Under the agreement, BMY Combat Systems will plead guilty to a
one-count misdemeanor relating to advance payment certifications it submitted
which overestimated the amount due to BMY based on its calculation of potential
termination liability. This resulted in BMY receiving a portion of the payments
for the contract prematurely. Harsco will pay the Government a $200,000 fine
plus $10.8 million in damages for a total of $11 million.
The settlement, which is subject to acceptance by the U.S. District
Court, ends the Government's investigation and releases Harsco and BMY from
further liability for the issues under investigation. Harsco will charge the
payment against an existing reserve, resulting in no charge to the Company's
earnings. Based on the terms of the settlement, the Company expects to pay the
$11 million in the first quarter of 2000, following the Court's entry of
judgment.
Harsco completed its strategic exit from the defense industry in 1997
when it sold its remaining ownership interest in that business.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
HARSCO CORPORATION
(Registrant)
Date: January 7, 2000 By: /s/ Salvatore D. Fazzolari
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Salvatore D. Fazzolari
Senior Vice President,
Chief Financial Officer and
Treasurer
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