MILTON, Ga., June 11, 2014 (GLOBE NEWSWIRE) -- Exide Technologies (OTCQB:XIDEQ) (www.exide.com), a global leader in lead-acid battery manufacturing and recycling, announced it has appointed two new executives to lead the Company's efforts to upgrade its Vernon, California recycling facility.
The Company has named Thomas Strang as its Vice President, Environment Health & Safety – Americas, and Charles Giesige as Vice President of Recycling Operations – Americas.
Mr. Strang is responsible for developing and managing regulatory compliance programs at the Vernon operation and other Exide locations. He also is overseeing the upgrades for the Company's Vernon recycling facility. He joined Exide on May 5.
Mr. Giesige, who joins the Company on June 16, will lead strategic oversight and operations of the Exide Americas recycling division, including management of plant purchasing, productivity, quality and logistics functions. In coordination with Mr. Strang, Mr. Giesige will develop policies and programs to enhance environmental compliance.
"Tom and Chuck will drive a strong health and safety vision and culture at Exide," said Robert M. Caruso, President and Chief Executive Officer of Exide Technologies. "They bring fresh perspectives and high levels of expertise to lead our efforts to upgrade our Vernon facility."
Mr. Strang and Mr. Giesige bring to Exide more than 60 years of combined environmental, safety and health, and plant operations experience.
Mr. Strang has a successful history in managing environmental remediation, implementing best practices and working collaboratively with diverse communities. Prior to joining Exide, he served as the Vice President of Environment Health and Safety, Regulatory Affairs, and Manufacturing Excellence for Chemtura Corporation where he developed and instilled the company's safety culture globally. He held a similar role at Hercules Chemical, serving in a number of engineering, supply chain, and plant manager capacities. Mr. Strang has a Bachelor of Science degree in Mechanical Engineering from Purdue University and an MBA from Rensselaer Polytechnic Institute.
"The Exide Vernon facility is one of only two battery recycling plants west of the Rockies and plays an important role in California's green economy. Not only are we are focused on completing the $5 million in improvements that will make this recycling center a premier facility, we're helping to ensure the health and safety of our employees and local residents. We look forward to resuming our operations and getting our employees back to work as soon as the project is completed and tested."
Mr. Giesige has experience with battery manufacturing going back more than three decades, and has held senior management positions at a number of global companies, most recently as Vice President of Corporate Development for Columbus McKinnon Corporation. He also served as Vice President and General Manager for the Dynasty Division and Power Systems Division of C&D Technologies. Prior to that, he was Vice President and General Manager of the Specialty Battery/Dynasty Division of Johnson Controls which was later acquired by C&D Technologies. He earned a Bachelor of Science degree in Accounting from The Ohio State University and an MBA from the University of Wisconsin.
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 global business groups 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.
Forward Looking Statement
This press release contains forward-looking statements with respect to our Chapter 11 filing and related matters. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
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 ability of the Company to develop, prosecute, confirm and consummate the Chapter 11 plan of reorganization, (ii) the potential adverse impact of the Chapter 11 filing on the Company's liquidity and operations and the risks associated with operating businesses under Chapter 11 protection, (iii) the ability of the Company to comply with the terms of the DIP financing facility, (iv) the Company's ability to obtain additional financing, (v) the Company's ability to retain key management and employees, (vi) customer response to the Chapter 11 filing, (vii) the risk factors or uncertainties listed from time to time in the Company's filings with the Securities and Exchange Commission and with the U.S. Bankruptcy Court in connection with the Company's Chapter 11 filing, (viii) 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, (ix) the Company's ability to implement and fund business strategies based on current liquidity, (x) the Company's ability to realize anticipated efficiencies and avoid additional unanticipated costs related to its restructuring activities, (xi) the cyclical nature of the industries in which the Company operates and the impact of current adverse economic conditions on those industries, (xii) unseasonable weather (warm winters and cool summers) which adversely affects demand for automotive and some industrial batteries, (xiii) 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, (xiv) 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, (xv) the realization of the tax benefits of the Company's net operating loss carry forwards, which is dependent upon future taxable income, (xvi) competitiveness of the battery markets in the Americas and Europe, (xvii) 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, (xviii) the ability to acquire goods and services and/or fulfill later needs at budgeted costs, (xix) general economic conditions, (xx) the Company's ability to successfully pass along increased material costs to its customers, (xxi) recently adopted U.S. lead emissions standards and the implementation of such standards by applicable states, and (xxii) the Company's ability to reopen its Vernon, California recycling facility.
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