MILTON, Ga., July 19, 2013
/PRNewswire/ -- Exide Technologies (PINKSHEETS: XIDEQ,
www.exide.com) a global leader in stored electrical energy
solutions, announced today that R. Paul
Hirt, Jr. has resigned as Executive Vice President and
President—Exide Americas, effective no later than August 31, 2013, to accept another
opportunity. "Paul has been a valuable member of the
Executive Leadership Team since he joined the Company in 2011, and
has led the Americas division during a challenging period," said
James R. Bolch, Exide's President
and Chief Executive Officer. "We appreciate Paul's
contributions and wish him the best in his future endeavors."
Effective upon Mr. Hirt's resignation, Bruce Cole, currently Executive Vice
President—Asia Pacific, Business Development and Strategy, will
assume additional responsibility for the Industrial and Recycling
operations within the Exide Americas business unit. "Bruce is
well prepared for this challenge, given his familiarity with the
Industrial and Recycling operations over his 24 years with the
Company," Mr. Bolch added.
The Transportation operations within the Americas business unit
will now report to Bob Caruso,
Exide's Chief Restructuring Officer.
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.
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, (d) statements regarding liquidity and (e) 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, and (f) statements regarding tax
and liquidity impacts from asset sales and restructuring
activities.
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 ability of the
Company to develop, prosecute, confirm and consummate the Chapter
11 plan of reorganization, (ii) the potential adverse impact of the
Chapter 11 filing on the Company's liquidity and operations and the
risks associated with operating businesses under Chapter 11
protection, (iii) the ability of Exide to comply with the terms of
the DIP financing facility, (iv) the Company's ability to obtain
additional financing, (v) the Company's ability to retain key
management and employees, (vi) customer response to the Chapter 11
filing, (vii) the risk factors or uncertainties listed from time to
time in the Company's filings with the Securities and Exchange
Commission and with the U.S. Bankruptcy Court in connection with
the company's Chapter 11 filing, (viii) 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, (ix) the Company's ability to implement and fund business
strategies based on current liquidity, (x) the Company's ability to
realize anticipated efficiencies and avoid additional unanticipated
costs related to its restructuring activities, (xi) the cyclical
nature of the industries in which the Company operates and the
impact of current adverse economic conditions on those industries,
(xii) unseasonable weather (warm winters and cool summers) which
adversely affects demand for automotive and some industrial
batteries, (xiii) 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, (xiv) 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, (xv) the
realization of the tax benefits of the Company's net operating loss
carry forwards, which is dependent upon future taxable income,
(xvi) competitiveness of the battery markets in the Americas and
Europe, (xvii) 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,
(xviii) the ability to acquire goods and services and/or fulfill
later needs at budgeted costs, (xix) general economic conditions,
(xx) the Company's ability to successfully pass along increased
material costs to its customers, (xxi) recently adopted U.S. lead
emissions standards and the implementation of such standards by
applicable states, and (xxii) those risk factors described in the
Company's fiscal 2013 Form 10-K for the fiscal year ended
March 31, 2013.
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.
SOURCE Exide Technologies