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Exide Technologies Announces Capacity
Expansion
At Tudor India Location
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Alpharetta, Georgia - (December 13, 2007)
- Exide Technologies (NASDAQ: XIDE, www.exide.com), a global
leader in stored electrical-energy solutions, announced today
plans for the capacity expansion at its transportation
manufacturing facility in Gujarat, (Ahmedabad) India. The
Company is investing in equipment upgrades, line expansions,
infrastructure and utilities at its Tudor India Ltd. (TIL)
location in its efforts to increase operational capacity from
600,000 batteries up to 1,000,000 batteries per year.
Best known for the production of the PrestoliteŽ brand of
lead-acid batteries for both automotive and inverter
applications, TIL is the Indian arm of Chloride Motive Power
Batteries, UK, a wholly owned subsidiary of Alpharetta-Georgia
based Exide Technologies.
Most recently, TIL increased its capacity in FY07 resulting in
growth in its financial performance. For the half year ending
September 30, 2007, TIL registered a 44 percent increase in net
sales to US $15 million as compared to the same period for the
previous year. The newest planned capacity expansion, expected
to be completed by June 2008, also will allow for the
operation’s production of innovative state-of-the-art products
in wet form for original equipment and aftermarket customers in
the region.
“We expect that the planned capacity increase at TIL will allow
Exide to further increase its share and brand image in the
rapidly developing Asia Pacific battery market,” said Luke Lu
President – Asia Pacific for Exide Technologies. “The expansion
is part of our Company’s overall strategy that focuses on taking
advantage of profitable growth opportunities – both in
manufacturing and global sourcing – particularly in India and
China.”
In 1997, TIL was the first company to introduce maintenance free
lead-acid batteries designed with polyethylene separators, cold
forged terminals and bone dry charged batteries in India, and
offer the products for most types of vehicles manufactured in
India, including cars, light and heavy commercial vehicles,
sport utility vehicles, and tractors.
With 16 branches and a wide dealer network of approximately 230
distributors in India, TIL is well equipped to serve a broad
range of customers in the global marketplace. The operation
supplies batteries to both original equipment and aftermarket
customers including American Power Conversion; Ashok Leyland;
Atlas Capco; Caterpillar; Indo Farm Equipment, International
Tractors, Mahindra & Mahindra Tractors; Reliance; Sudir Genset;
Supernova; Tatra; Voltas; and Volvo.
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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 42-volt 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.
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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, (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
Company's ability to implement and fund based on current
liquidity business strategies and restructuring plans, (ii)
unseasonable weather (warm winters and cool summers) which
adversely affects demand for automotive and some industrial
batteries, (iii) 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, (iv) 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, (v) the
realization of the tax benefits of the Company's net operating
loss carry forwards, which is dependent upon future taxable
income, (vi) 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, (vii) competitiveness of
the battery markets in North America and Europe, (viii) the
substantial management time and financial and other resources
needed for the Company's consolidation and rationalization of
acquired entities, (ix) 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, (x) the
Company's exposure to fluctuations in interest rates on its
variable debt, (xi) the Company's ability to maintain and
generate liquidity to meet its operating needs, (xii) general
economic conditions, (xiii) the ability to acquire goods and
services and/or fulfill labor needs at budgeted costs, (xiv) the
Company's reliance on a single supplier for its polyethylene
battery separators, (xv) the Company's ability to successfully
pass along increased material costs to its customers, and (xvi)
the Company's significant pension obligations over the next
several years.
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 Form 10-K filed on June
11, 2007 and its Form 10-Q filed on November 8, 2007, 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.
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