MILTON, Ga., May 12, 2017 /PRNewswire/ -- Exide Technologies, a global provider of stored electrical energy solutions, today announced that it has entered into a series of financing transactions that will generate more than $200 million of new capital that are intended to be used to support Exide's growth, including several capital projects.
The Company plans to use the net proceeds of these transactions to accelerate significant capital projects, including initiatives to expand capacity to meet the growing demand for Exide's transportation batteries in the Americas' aftermarket segment. Additional projects funded by this financing are targeted at accelerating the Company's efforts to improve manufacturing efficiencies in both the U.S. and Europe and to support working capital requirements associated with the expected growth in the Company's sales.
According to Vic Koelsch, Exide's President and Chief Executive Officer, "We are excited about the opportunity to initiate new investments to meet renewed demand for our products and to continue on our path of dramatically improved operational efficiencies. The consummation of these offerings demonstrates the strong support of our investors and speaks to the great strides the Company is making to once again become a preeminent global battery supplier for transportation and industrial applications."
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Exide Technologies has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.
About Exide Technologies
Exide Technologies is a global provider of stored electrical energy solutions—batteries and associated equipment and services for transportation and industrial markets. With 128 years of industry experience and operating in more than 80 countries, Exide produces and recycles a broad range of products that keep customers and their businesses powering forward.
The Exide Transportation business manufactures and markets starting, deep-cycle, and micro-hybrid batteries for automotive, light and heavy-duty truck, agricultural, marine, military, powersport, and other specialty applications, along with battery diagnostic equipment and charging systems.
Exide serves the Industrial Power markets with its GNB®-branded efficient energy storage systems for both Motive Power and Network Power customers. Motive Power applications include materials handling (power for lift trucks, airside assistance vehicles, and automatic guided vehicles); cleaning machines; railroads; military and mining vehicles; and other commercial electric vehicles. Network Power installations include standby power for electric utilities; telecommunications systems; alarm/security systems; renewable energy systems; railway systems; uninterruptible power supply (UPS); and defense industry equipment.
Exide Technologies is Powering the World Forward. History and scale, combined with a start-up mentality, make Exide the right choice for customers who want more than simply a battery supplier.
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SOURCE Exide Technologies