ALPHARETTA, Ga., June 9, 2008 (PRIME NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) (www.exide.com), a global leader in stored electrical-energy solutions, announced today the appointment of Paul Cheeseman, Ph.D., as Vice President, Global Research and Engineering, effective June 24. Reporting to EJ O'Leary, Chief Operating Officer for Exide Technologies, Dr. Cheeseman will be responsible for leading the Company's Global Engineering and Research and Development (R&D) organization.
During the past several years, each operating division at Exide conducted its own engineering according to product line and application. Under Dr. Cheeseman's leadership, the newly consolidated function will allow the Company to utilize technology across applications, maximize efficiencies and accelerate the global growth of new products.
"The integration of Engineering and R&D efforts and activities at Exide is another phase in our Company's journey to achieving world leadership. Paul will help us align our efforts in developing the next generation of products, technologies and services that can be marketed via a unified platform," said Mr. O'Leary. "Furthermore, with Paul's expert guidance and ability to direct and develop engineering organizations, we're now poised to begin infusing real commonality across our product lines. The intent is that Exide will be able to more quickly adapt to the needs of a continually changing marketplace and have a stronger position as a global provider of stored electrical energy."
A strategic thinker adept at working cross functionally, Dr. Cheeseman brings more than 25 years of technical experience in multiple battery systems to his new role at Exide. He served most recently as Senior Vice President, R&D and Quality, at Spectrum Brands, Inc., (formerly Rayovac), a global consumer products company.
During his 10 years with the company, Dr. Cheeseman led four global research and development integration programs following acquisitions and oversaw the efforts of approximately 150 scientists and engineers. He also was responsible for government contract research; the development of the strategy for the globalization of R&D; and establishing a technology portfolio management system across the lines of the business. While there, Dr. Cheeseman also was Vice President of Battery Technology, a role in which he was responsible for the introduction of a variety of innovative, rechargeable products and for the development of a collaborative approach to improve cost reduction.
Prior to his time at Spectrum Brands, Dr. Cheeseman spent 16 years at Duracell, the world's leading manufacturer and marketer of high-performance alkaline batteries. He held a variety of roles at the company, including Director, Lithium Ion Technology and Director of Operations, New Products Division.
Dr. Cheeseman was instrumental on a variety of business development initiatives at Duracell, and his contributions included the development of lithium-ion batteries; building strong technology relationships with multiple Japanese partners; establishing an operations infrastructure for the business that included engineering, quality, purchasing and prototyping.
Dr. Cheeseman holds a Ph.D. in Chemistry and a Bachelor of Science with Joint Honors in Chemistry and Materials Science. He earned both degrees from the University of Nottingham in the United Kingdom.
"The realignment of Engineering and R&D at Exide, in conjunction with Paul's appointment as Vice President, Global Research and Engineering, underscores the continued positive transformation at our Company," said Gordon Ulsh, President and Chief Executive Officer of Exide Technologies. "With a strong record of cost improvement leadership, and his excellent grasp of global systems and innovative processes required for successful product development, Paul will be instrumental in strengthening our competitive position in the global marketplace."
(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 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.
The Exide Technologies logo is available at http://www.primenewswire.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, 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.