Exide losing money and cutting jobs

Exide Technologies, a manufacturer of truck batteries, today reported a consolidated net loss, excluding non-recurring charges, of $15.9 million, and said it would accelerate development of a comprehensive, long-term operational restructuring plan. The company said it intends to work toward reduction of its salaried workforce by approximately 20% by the end of fiscal year 2002, in addition to work

Exide Technologies, a manufacturer of truck batteries, today reported a consolidated net loss, excluding non-recurring charges, of $15.9 million, and said it would accelerate development of a comprehensive, long-term operational restructuring plan.

The company said it intends to work toward reduction of its salaried workforce by approximately 20% by the end of fiscal year 2002, in addition to work force reductions announced in August.

President & CEO Craig H. Muhlhauser, said he has performed a top-to-bottom evaluation of its business strategy.

“We have already begun the implementation of operational restructuring actions to improve profitability, which will provide the foundation for the future,” he said. “We are developing strategic alternatives that will ensure Exide's long-term competitiveness."

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