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."
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.