Exide Receives Order From California Department of Toxic Substances Control Regarding Its Vernon, CA Facility
25 Avril 2013 - 12:30PM
Exide Technologies (Nasdaq:XIDE) is suspending operations at its
Vernon secondary lead recycling facility in compliance with an
Order dated April 24, 2013 from the California Department of Toxic
Substances Control (DTSC). The DTSC alleges that the Company's
underground stormwater system is not in compliance with State of
California requirements and alleges the Company's furnace emissions
are not meeting applicable DTSC health risk standards.
The Company will comply with the Order from the DTSC and is
suspending operations in Vernon while evaluating its legal and
regulatory remedies. At this time the Company does not know
how long the suspension of operations at the Vernon facility will
last. The Vernon facility provides a significant portion of
the Company's domestic lead requirements.
Exide currently operates two other active secondary lead
recycling facilities in the U.S. which continue to supply lead for
the Company's domestic manufacturing facilities. Exide is
evaluating its ability to purchase lead on the open market as well
as seeking to negotiate agreements with third-party lead recyclers
to provide some or all of the internal lead requirements that would
have been provided from the Vernon facility.
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.
Forward-Looking Statements
Except for historical information, this news release may be
deemed to contain "forward-looking" statements. The Company desires
to avail itself of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 (the "Act") and is
including this cautionary statement for the express purpose of
availing itself of the protection afforded by the Act.
Examples of forward-looking statements include, but are not
limited to (a) projections of revenues, cost of raw materials,
income or loss, earnings or loss per share, capital expenditures,
growth prospects, dividends, the effect of currency translations,
capital structure, and other financial items, (b) statements of
plans and objectives of the Company or its management or Board of
Directors, including the introduction of new products, or estimates
or predictions of actions by customers, suppliers, competitors or
regulating authorities, (c) statements of future economic
performance, (d) statements regarding liquidity and (e) statements
of assumptions, such as the prevailing weather conditions in the
Company's market areas, underlying other statements and statements
about the Company or its business, and (f) statements regarding tax
and liquidity impacts from asset sales and restructuring
activities.
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 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, (ii) the Company's ability to implement and fund business
strategies based on current liquidity, (iii) the Company's ability
to realize anticipated efficiencies and avoid additional
unanticipated costs related to its restructuring activities, (iv)
the cyclical nature of the industries in which the Company operates
and the impact of current adverse economic conditions on those
industries, (v) unseasonable weather (warm winters and cool
summers) which adversely affects demand for automotive and some
industrial batteries, (vi) 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, (vii) 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, (viii) the
realization of the tax benefits of the Company's net operating loss
carry forwards, which is dependent upon future taxable income, (ix)
competitiveness of the battery markets in the Americas and Europe,
(x) 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, (xi) the ability to acquire goods and
services and/or fulfill later needs at budgeted costs, (xii)
general economic conditions, (xiii) the Company's ability to
successfully pass along increased material costs to its customers,
(xiv) recently adopted U.S. lead emissions standards and the
implementation of such standards by applicable states, and (xv)
those risk factors described in the Company's fiscal 2012 Form 10-K
for the fiscal year ended March 31, 2012.
The Company cautions each reader of this news release to
carefully consider those factors set forth above. Such factors
have, in some instances, affected and in the future could affect
the ability of the Company to achieve its projected results and may
cause actual results to differ materially from those expressed
herein.
CONTACT: MEDIA CONTACT:
Susan Jaramillo
Exide Technologies
203/699-9133 phone
860/922-1279 cell
susan.jaramillo@exide.com
INVESTOR CONTACT:
Carol Knies
Senior Director of Investor Relations
Exide Technologies
678/566-9316 phone
carol.knies@exide.com
Exide Technologies (MM) (NASDAQ:XIDE)
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