Harsco to sell infrastructure business to Clayton, Dubilier & Rice

Sept 16 Mon Sep 16, 2013 9:43am EDT

Sept 16 (Reuters) - Engineering company Harsco Corp said it would sell its infrastructure business for $300 million to private equity firm Clayton, Dubilier & Rice.

Harsco's stock was up 5 percent at $26.33 on the New York Stock Exchange on Monday morning.

The company said its infrastructure division would be merged with Brand Energy & Infrastructure Services Inc, a company that Clayton, Dubilier & Rice is buying from private equity firm First Reserve.

Harsco will get a 29 percent stake in the combined company, which will have an enterprise value of about $2.5 billion, the company said.