Mature companies know that in order to compete with the global market today, there must be innovation and change. Maintaining attention to the business while looking for a new source of innovation and changing is quite difficult. Actually, innovation and change is not only an option today but it is prescribed in the business arena. In the article written by Lynda M. Applegate dated last September 2007 and was published in the Harvard Business School Website, she mentioned that 65 percent of the CEO of the world’s largest and respected firms are planning for a significant change for the next two years.
Like other mature company, Harsco Corporation leads change and innovation. If we are to trace back the history, Harsco is the forerunner of the first rolling stock intended for American railroad and refrigerated railways. Their skill in coil making and pipe bending opens their way to modern cooling and refrigeration. By the end of 20th century, they had already established their company internationally. They are currently the leader in the production gas storage container-this further leads to the United States’ first seamless gas container. Harsco has also earned numerous industry achievements.
They introduced the tubular steel scaffolding in 1920. They also practice recycling of industrial co-products for other potential use. In the global steel industry, their MultiServ division remains the forerunner of the dust control, waste minimization and other important environmental issue. From 1956, Harsco continue to diversify their markets and products. In the year 1990, Harsco started to accelerate through strategic expansion combined with targeted acquisitions and internal growth. These acts have transformed Harsco into an innovative, worldwide company that serves the major customers in the world.
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The Modern Harsco today is currently a $2. 5 billion international product business and industrial services. It has transformed itself from a predominantly domestic based company to an internationally focused company with over 18, 000 employees and more than 400 facilities locate in 40 countries. It is currently divided into three operating groups- the Access Services, the Mill Services and the Mineral and Rail Services and Products. All of the aforementioned change and innovation will not be possible if not for one important aspect- leadership.
Harsco Corporation has been led by committed and strong board members with exceptional characteristics which include wide executive leadership experience in manufacturing, services, management and marketing, finance, international operations that is applied in diverse activities worldwide. The general leadership strategy of Harsco is the expansion and improvement of customer relation performance. They also aim to give more attention on relationship management which specifically deals with contact and communication with the customers through their service solutions and innovative technologies.
Another significant leadership characteristic of Harsco Corporation is its ability to expand globally. Its leaders were very effective in creating a plan of expansion- fro \m a US manufacturing based to penetration of the global market. In fact, today more or less 60 percent of the total annual revenues of Harsco is generated from the branches abroad while astonishingly 70 percent of its employees are spread across the world. The most recent to its advancement is its announced plan on February 11, 2008 by the Harsco Corporation Board of Directors.
It said that there will start the repurchase of an uncertain number of shares of the common stock of the company. Under this stock repurchase, is a program authorized since March 2004. It will be made in an open market at times and amounts will be deemed by the management depending on the condition of the market.
Gasworld News (2005). Harsco GasServs Global Governance Committee, 1:5. Retrieved on February 13, 2008 from http://www. harscogfc. com/gasworld_interview. pdf Harsco Website (2006). Harsco is no ordinary Industrial Services Company. Retrieved on February 13, 2008 from http://www. harsco. com/