NOL, Sweden, Feb 8, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Network Power Business Group of Exide Technologies (NYSE: EX) today announced its new contract, valued at 8.7 million euros, with the Royal Swedish Navy to provide propulsion batteries for its submarines. Exide Technologies is the global leader in stored electrical-energy solutions.
Under the terms of the agreement signed by Exide Tudor AB, the company's Horten, Norway production facility will provide its KV 73 propulsion batteries for three Gotland class submarines -- the latest fleet generation -- and one KV 73 reserve battery for both the Gotland and Vastergotland classes. The KV 73 design, one of the most advanced submarine propulsion batteries available today, is the primary power source for the Gotland submarine during submerged operation. Delivery of the first battery is scheduled for the end of 2002. The contract also includes technical training courses, manuals and services in connection with installation and testing of the batteries.
"The Royal Swedish Navy awarded this contact to Exide Technologies through the Swedish Defence Materiel Administration based on a number of factors, including comprehensive technical and price evaluations in an internationally competitive environment," said Captain Anders Nilsson of the Swedish Defence Materiel Administration.
Exide's Horten facility, which specializes in manufacturing submarine propulsion batteries for Naval and shipyard customers in Scandinavia, is the only operation in Scandinavia with submarine battery expertise. The Horten operation took over the manufacture of KV 73 batteries in 1999 after the closure of the company's Swedish facility. Last year, the Horten location received the ISO 14001 certification for superior systems influencing product quality and the environment; it also holds the NATO defense Quality Assurance standard AQAP-110 ed 2.
"As a result of excellent teamwork between the Exide teams in Sweden and Norway, we were able to secure this important contract with the Royal Swedish Navy," said Tor Haugan, General Manager, Submarines, Exide Nordic. "Many of the most experienced submarine battery technical experts work for Exide, and as a result, we are able to bring more innovative and cost-efficient technologies and services to our battery customers."
In addition to this new alliance with the Royal Swedish Navy, Exide Technologies, through its Nordic Submarine operation, also holds several other significant submarine battery contracts: six submarine propulsion batteries for the Royal Norwegian Navy Ula class as well as batteries for the Royal Danish Navy Tumleren class vessels. Collectively, these contracts are valued at 27 million euros. Exide also expects to play an active role in the Nordic Viking submarine program, designed for the new generation of submarines in Denmark, Norway and Sweden.
About Exide Technologies:
Exide Technologies is the world's largest industrial and transportation battery producer and recycler with operations in 89 countries.
Industrial applications include network-power batteries for telecommunications systems, fuel-cell load leveling, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS) markets; and motive-power batteries for a broad range of equipment uses, including lift trucks, mining vehicles and commercial vehicles.
Transportation uses include automotive, heavy-duty truck, agricultural, marine and other batteries, as well as new technologies being developed for hybrid vehicles and new 42-volt automotive applications. The company supplies both aftermarket and original-equipment transportation customers.
Further information about Exide Technologies, its financial results and other information can be found at www.exide.com .
Certain statements in this press release may constitute forward-looking statements as defined by the Securities Litigation Reform Act of 1995. As such, they involve known and unknown risks, uncertainties and other factors that may cause the actual results of the company to be materially different from any results expressed or implied by such forward-looking statements. These are enumerated in further detail in the company's Form 10-K.
MEDIA CONTACTS FOR EXIDE TECHNOLOGIES
In Norway:
Tor Haugan: +47 9709 3636
In U.S.:
Bruce Cole: 630/691-7849
Jeannine Addams or Kristin Wohlleben
Tarkenton & Addams: 404/231-1132
INVESTOR CONTACTS:
Gregory Pettit/ Karen Bleier
Gavin Anderson & Company
212/515-1985/1940
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SOURCE Exide Technologies
CONTACT: in Norway, Tor Haugan, +47 9709 3636, or in U.S., Bruce Cole,
+1-630-691-7849, both of Exide Technologies; or Jeannine Addams, or Kristin
Wohlleben, both of Tarkenton & Addams, +1-404-231-1132, for Exide
Technologies; or investors, Gregory Pettit, +1-212-515-1985, or Karen Bleier,
+1-212-515-1940, both of Gavin Anderson & Company, for Exide Technologies
URL: http://www.exide.com
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