READING, Pa., Nov. 8, 2012 (GLOBE NEWSWIRE) -- (Nasdaq:XIDE) – Exide Technologies announced today that it will be idling its lead recycling operations at its Reading, Pa. facility, effective no later than March 31, 2013. The company will continue to operate its plastics recycling business at the Reading facility. Exide will maintain the Reading facilities and the permits and approvals necessary for all recycling activities.
"This decision was based on several factors including the dramatic swings in the lead market and the high capital investment needed, due to regulatory requirements, to remain operational in Reading," said Paul Hirt, president, Exide Americas. "By idling this facility, we can defer spending the capital while still having the majority of our internal lead demands met through our other three recycling centers in Vernon, CA., Canon Hollow, MO, and Muncie, IN. "The decision is in no way reflective of the Reading workforce. We sincerely appreciate our employees' dedication and commitment over the years."
Employees in Reading were informed of the Company's decision during an all-employee meeting held today. A total of 150 employees will be impacted by the idling. The plastics operation will employ up to approximately 25 employees.
The Company will continue to support all current, required environmental monitoring programs at the Reading facility throughout the duration of the idling.
Exide will meet with the Pennsylvania Department of Environmental Protection within the next few weeks to discuss the steps to be taken to implement the idling.
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 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.
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