Exide EMEA and Asia-Pacific Now a Standalone Company
Oct 27, 2020, 03:00 ET
GENNEVILLIERS, France, Oct. 27, 2020 /PRNewswire/ -- Exide Technologies' former EMEA and Asia-Pacific business now operates as a standalone company under new owners. Today, the battery manufacturer announced the 'closing of the deal', successfully concluding its separation from the Exide Holdings, Inc. in the US and the transfer of its entire business to a group of long-term shareholders, under the US-based Energy Technologies Holdings LLC. As part of this transaction, the business received further multi-million-dollar funding from the new investors.
The new Exide, headquartered near Paris, France, is a leading provider of advanced energy solutions for the automotive and industrial markets. The company's more than 5,000 employees across Europe, the Middle East, Asia, and Australia serve the global markets with best in class products & services under several well-known brands. With two R&D facilities and eleven production plants in Europe, Exide is committed to high-quality engineering, manufacturing and recycling, and continues to innovate according to customers' evolving energy storage needs.
Exide Technologies is managed by a highly dedicated and experienced executive team, led by Stefan Stübing, former President EMEA & APAC and newly appointed President, Chief Executive Officer and Director.
The shareholders also announced the appointment of Joe Hinrichs as Chairman of the Board of Directors. Joe recently retired as the President of Ford Motor Company's global automotive business. He is bringing extensive global automotive and technology expertise and will be a strong contributor to Exide's future success.
"Now, as a standalone, we are more agile. It will allow us to react even faster to the wishes of our customers and requirements of the market," says Stefan Stübing, CEO. "The new owners represent a group of Exide's long-term noteholders and know us well, thereby demonstrating their continued commitment to our success."
"I am impressed by Exide's growth trajectory, loyal customer base, and talented employees," says Joe Hinrichs, Chairman of the Board of Directors. "Together, we are confident in Exide's capability to deliver consistent growth and profitability by bringing to market innovative energy storage technologies to benefit our customers."
Automotive, Motive Power, and Network Power -- Exide is well-positioned in the three businesses. As an original equipment manufacturer to leading European vehicle and equipment manufacturers, Exide has been involved in many of the significant breakthrough energy-storage developments that are enabling innovation across the markets. 5G, e-mobility, sustainability, digitization, and urbanization will be the challenges of the coming years. The new Exide will meet them with continual innovation to power the world with the most efficient energy solutions and helping customers maximize productivity and performance.
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SOURCE Exide Technologies
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