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DGAP-News: Exide(R) Announces Integration of Americas Businesses
ID: 306383
(firmenpresse) - Exide Technologies
30.11.2010 15:29
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MILTON, Ga., Nov. 30, 2010 (GLOBE NEWSWIRE) -- Exide Technologies
(Nasdaq:XIDE), a global leader in stored electrical-energy solutions, announced
today the planned integration of its Americas transportation and industrial
groups into one business. This integration will be effective Jan. 1, 2011.
Bruce Cole, currently President - Transportation Americas, will assume the
leadership of this new business as President, Exide Americas. The planned
combination of these two businesses will result in a third quarter
restructuring charge of $3-4 million.
This integration allows Exide to gain from the natural synergies between these
two groups resulting in a unique market-facing business that provides for
optimal leverage and the resulting benefits. These benefits include:
Singular improved focus on quality and lean strategies to improve customer
satisfaction and reduce costs
Consolidation of manufacturing/materials planning that will afford
opportunities to streamline processes, improve asset utilization and yield
procurement savings
Enhanced 'cross selling' revenue opportunities
Greater opportunities for facility optimization and integration
'We have already seen successes regarding cost savings, cross selling and
facility optimization within our European operations following the initial
consolidation of the two businesses there earlier this year,' said Jim Bolch,
Exide President and CEO. 'I am confident that we will see the same results in
the Americas as we bring together two strong businesses and create a more
formidable force within the markets we serve.'
About Exide Technologies
Exide Technologies, with operations in more than 80 countries, is one of the
world's largest producers and recyclers of lead-acid batteries. The Company's
four global business groups -- Transportation Americas, Transportation Europe
and Rest of World, Industrial Energy Americas and Industrial Energy Europe and
Rest of World -- provide a comprehensive range of stored electrical energy
products and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive,
heavy-duty truck, agricultural and marine applications, and new technologies
for hybrid vehicles and automotive applications. Industrial markets include
network power applications such as telecommunications systems, electric
utilities, railroads, photovoltaic (solar-power related) and uninterruptible
power supply (UPS), and motive-power applications including lift trucks, mining
and other commercial vehicles.
Further information about Exide, including its financial results, are available
at www.exide.com.
The Exide Technologies logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5067
Forward-Looking Statements
Except for historical information, this news release may be deemed to contain
'forward-looking' statements. The Company desires to avail itself of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995 (the
'Act') and is including this cautionary statement for the express purpose of
availing itself of the protection afforded by the Act.
Examples of forward-looking statements include, but are not limited to (a)
projections of revenues, cost of raw materials, income or loss, earnings or
loss per share, capital expenditures, growth prospects, dividends, the effect
of currency translations, capital structure, and other financial items, (b)
statements of plans and objectives of the Company or its management or Board of
Directors, including the introduction of new products, or estimates or
predictions of actions by customers, suppliers, competitors or regulating
authorities, (c) statements of future economic performance, and (d) statements
of assumptions, such as the prevailing weather conditions in the Company's
market areas, underlying other statements and statements about the Company or
its business.
Factors that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the following
general factors such as: (i) the fact that lead, a major constituent in most of
the Company's products, experiences significant fluctuations in market price
and is a hazardous material that may give rise to costly environmental and
safety claims, (ii) the Company's ability to implement and fund business
strategies based on current liquidity, (iii) the Company's ability to realize
anticipated efficiencies and avoid additional unanticipated costs related to
the Company's restructuring activities, (iv) the cyclical nature of the
industries in which the Company operates and the impact of current adverse
economic conditions on those industries, (v) unseasonable weather (warm winters
and cool summers), which could adversely affect demand for automotive and some
industrial batteries, (vi) the Company's substantial debt and debt service
requirements which may restrict the Company's operational and financial
flexibility, as well as impose significant interest and financing costs, (vii)
the litigation proceedings to which the Company is subject, the results of
which could have a material adverse effect on the Company and its business,
(viii) the realization of the tax benefits of the Company's net operating loss
carry forwards, which is dependent upon future taxable income, (ix) the
negative results of tax audits in the U.S. and Europe, (x) competitiveness of
the battery markets in the Americas and Europe, (xi) risks involved in foreign
operations such as disruption of markets, changes in import and export laws,
currency restrictions, currency exchange rate fluctuations, and possible
terrorist attacks against U.S. interests, (xii) the ability to acquire goods
and services and/or to fulfill later needs at budgeted costs, (xiii) general
economic conditions (xiv) the Company's ability to successfully pass along
increased material costs to the Company's customers, (xv) recently adopted U.S.
lead emissions standards and the implementation of such standards, and (xvi)
those risk factors described in the Company's fiscal 2010 Form 10-K filed on
June 2, 2010.
The Company cautions each reader of this news release to carefully consider
those factors set forth above. Such factors have, in some instances, affected
and in the future could affect the ability of the Company to achieve its
projected results and may cause actual results to differ materially from those
expressed herein.
CONTACT: Exide Technologies
MEDIA CONTACT:
Susan Jaramillo, Senior Director, Communications
203/699-9133
susan.jaramillo(at)exide.com
INVESTOR CONTACT:
Carol Knies, Senior Director of Investor Relations
678/566/9316
carol.knies(at)exide.com
News Source: NASDAQ OMX
30.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Exide Technologies
US
Phone:
Fax:
E-mail:
Internet:
ISIN:US3020512063
WKN:
End of Announcement DGAP News-Service
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Datum: 30.11.2010 - 15:29 Uhr
Sprache: Deutsch
News-ID 306383
Anzahl Zeichen: 8642
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Kategorie:
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