ALPHARETTA, Ga., Oct. 8, 2008 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical-energy solutions, announced today developments concerning the structural framework and strategies of the Company's Global Research, Development and Engineering (RD&E) organization. Progress includes the planned formation of an Advanced Research and Development Organization and two Global Product Development Centers. The changes are designed to deliver greater collaboration among the operating divisions, more balance between short-term and long-term engineering contributions, and greater productivity.
An Advanced Research and Development organization will be established at Exide's world headquarters in Alpharetta, Georgia. This group will be led by Rick Johnson, who currently serves Exide as Vice President, Engineering for Transportation Americas. Mr. Johnson will assume the new role of Vice President, Advanced Research and Development for Exide Technologies, focusing on technology development for potential integration into products during the next two to five years. The organization's work will include development of advanced lead-acid systems and other battery chemistries, including lithium ion, for applications such as hybrid electric vehicles and renewable energy storage.
Two Global Product Development centers, one in Budingen, Germany for worldwide Industrial Energy and the other in Alpharetta, Georgia for worldwide Transportation, will focus on global product design and materials and process development. These centers will be oriented around product markets rather than geographical lines. Friedrich Kramm, newly titled Senior Director, Global Product Development for Exide Technologies, will lead the Industrial Energy center; John Miller, also Senior Director, Global Product Development for Exide Technologies, will lead the center for Transportation. The efforts of these globally-oriented centers will address the development and introduction of technical enhancements into existing product lines during the next two years. These two centers will continue to be responsible for product development implementation in their home geographies. As they expand, the groups will be able to support an increasing number of regions, including the Company's expanding business presence in Asia.
"These teams bring significant technical capability and experience to the table and will serve to heighten Exide's competitiveness in the global marketplace," said Dr. Paul Cheeseman, Vice President, Global Research and Engineering for Exide Technologies. "The development of these three groups also will include the addition of approximately 60 engineering positions, and we already have begun to identify these appropriate professionals."
Exide will be looking to recruit technical professionals with experience in advanced materials, systems engineering and electrochemistry.
"We are working to assemble the best teams in the industry to direct our efforts in becoming a worldwide leader in innovative technology solutions for tomorrow," said Gordon Ulsh, President and Chief Executive Officer of Exide Technologies. "This investment in our Global RD&E organization clearly underscores Exide's commitment to the development of new products and technology. Our strategy is designed to enable Exide to participate in emerging markets and technologies for hybrid electric vehicles, energy storage, and renewable energy generation."
(XIDE-C)
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 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) 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, (ix) general economic conditions, (x) the ability to acquire goods and services and/or fulfill labor needs at budgeted costs, (xi) the Company's reliance on a single supplier for its polyethylene battery separators, (xii) the Company's ability to successfully pass along increased material costs to its customers, and (xiii) the loss of one or more of the Company's major customers for its industrial and transportation products.
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 9, 2008 and its Form 10-Q filed on August 6, 2008, 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.