Milton, Georgia - (May 26, 2009) - Exide Technologies, (NASDAQ: XIDE, www.exide.com), a global leader in stored electrical energy solutions, announced today the expanded role of Gary Reinert, Vice President, Strategic Planning and Business Development. Mr. Reinert also will hold the title of Vice President and General Manager of a newly-formed division at Exide Technologies dedicated to the development and pursuit of new markets for renewable energy and lithium-ion battery applications.
In his broadened capacity as head of this new division, Mr. Reinert will continue reporting to Exide President and Chief Executive Officer, Gordon Ulsh.
In addition to his implementation of Strategic Planning activities for Exide - including evaluating product expansion and identifying potential merger and acquisition opportunities - Mr. Reinert will drive all initiatives related to the new division, including the development and management of the division's structure and its resources. The creation of a formal name and identity for the organization also are chief among his responsibilities.
In addition, the resources of the recently acquired Mountain Power organization will report to Mr. Reinert. These resources add the specialization in the design and commercialization of high performance, large capacity rechargeable lithium-ion batteries for the telecommunications, utility, industrial, medical and military markets to Exide's technology portfolio.
More specifically, Mr. Reinert's global activities will focus chiefly on identifying new opportunities for the Company in the following areas:
large-scale storage for grid connected renewable energy;
off-grid renewable power generation and storage (applications requiring energy where the electricity grid does not exist or is frequently unreliable);
new industrial storage applications that require the high energy density and/or cyclability; such applications would allow the Company to further leverage the resources of Mountain Power and the Exide® Onyx Lithium Ion product line.
The new division will integrate closely with the global commercial teams in Industrial Energy North America, Europe and Rest of World. As head of the organization, Mr. Reinert will assess the need for transfer of existing resources and incorporation of additional resources to meet the needs of the division as it works to expand renewable and lithium technologies in growing markets.
"The new Exide division is designed to capitalize upon our existing R&D resources for product development and tap into established sales channels, enabling our Company to more rapidly and cost-effectively develop advanced renewable energy technologies for new markets," said Gordon Ulsh, President and Chief Executive Officer of Exide Technologies. "In his strategic planning role, Gary has established a solid foundation for Exide's growth and long-term competitiveness. We welcome his foresight and leadership abilities as our new division helps Exide meet the evolving needs of an energy-hungry world."
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. 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.
Forward-Looking Statements
Except for historical information, this press 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. The Company undertakes no obligation to publicly update or revise any forward-looking statement in this or any prior forward-looking statements whether as a result of new information, future developments or otherwise.
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, and (c) statements of future economic performance.
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 Company's ability to implement and fund based on current liquidity business strategies and restructuring plans, the Company's substantial debt and debt service requirements which may restrict the Company's operational and financial flexibility, as well as imposing significant interest and financing costs, (ii) 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, (iii) competitiveness of the battery markets in North America and Europe, (iv) 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, (v) general economic conditions, (vi) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (vii) the Company's reliance on a single supplier for its polyethylene battery separators, (viii) the Company's ability to successfully pass along increased material costs to its customers, (ix) the loss of one or more of the Company's major customers for its industrial and transportation products; and (x) the ability of the Company's customers to pay for products and services in light of liquidity constraints resulting from global economic conditions and restrictive credit markets.
Therefore, the Company cautions each reader of this press release carefully to consider those factors set forth above and those factors described in the Company's annual report on Form 10-K filed on June 9, 2008 and its quarterly reports on Form 10-Q filed on August 8, 2008, November 6, 2008 and February 4, 2009, because 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.
MEDIA CONTACTS:
Jeannine Addams
Kristin Wohlleben
J.Addams & Partners, Inc.
404/231-1132 phone
jfaddams@jaddams.com
kwohlleben@jaddams.com
INVESTOR CONTACT:
Carol Knies
Senior Director of Investor Relations
Exide Technologies
678/566-9316 phone
carol.knies@exide.com
