MILTON, Ga., June 16, 2010 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical-energy solutions, announced today that it has formed Exide Technologies do Brasil Ltda., a new business entity headquartered in Sao Paulo, Brazil. Exide launched the operation to capitalize on the strong growth potential for stored energy markets in South America.
The new business entity will serve the industrial energy and transportation markets in South America with one of the world's most comprehensive portfolios of electrical energy storage products manufactured at the Exide facilities globally. This business structure also enhances the ability of Exide's ReStore Energy Systems division to penetrate the developing markets for renewable energy applications such as solar, wind and hybrid electric vehicles.
When fully operating, Exide Technologies do Brasil Ltda. will market a wide range of vented and advanced valve-regulated lead-acid technologies and lithium ion batteries for motive power, network power and transportation applications in South America under the Exide® premium brand-name portfolio and ABSOLYTE®, MARATHON®, SPRINTER®, GNB® FLOODED CLASSIC, and FULMEN® brands.
Exide Technologies already is a supplier of products and services for critical power-supply requirements across several South America industries, including key segments such as materials handling, rail, telecommunications, public utilities and electrical power generation and distribution, along with the automotive original equipment and aftermarket sectors.
"With the establishment of Exide Technologies do Brasil Ltda., our Company is better positioned to capitalize on the growth potential for stored electrical energy markets in the South American region," said Gordon A. Ulsh, Chief Executive Officer of Exide Technologies. "The Company's new entity in South America gives Exide better access to our existing customers and potential customers, with the opportunity to market specific solutions for local needs. This move forward will provide more opportunities for us to deliver our products and services to the region."
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 press release may be deemed to contain "forward-looking" statements. The Company is including this cautionary statement for the express purpose of availing itself of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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 its 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 adversely affects 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 imposing significant interest and financing costs, (vii) 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 fulfill later needs at budgeted costs, (xiii) general economic conditions, and (xiv) the Company's ability to successfully pass along increased material costs to its customers.
The Company cautions each reader of this press release to carefully consider those factors hereinabove set forth and those factors described in the Company's annual report on Form 10-K filed on June 2, 2010. Such factors and statements 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. We undertake no obligation to update any forward-looking statements in this press release.
CONTACT: J.Addams & Partners, Inc.
Media Contacts:
Jeannine Addams
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Kristin Wohlleben
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404/231-1132
Exide Technologies
Investor Contact:
Carol Knies, Senior Director of Investor Relations
678/566-9316
carol.knies@exide.com(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.