Exide to Close Plants, Cut Jobs

Exide Technologies (EX) said Friday that it is closing two vehicle battery manufacturing plants in North America and cutting jobs at two facilities in Europe as part of its ongoing restructuring.

The Reading, Pa.-based makes transportation batteries for numerous vehicles including heavy duty and lift trucks, and construction vehicles.

About 500 employees will be affected by the closings in Burlington, Iowa and Dunmore, Pa. Exide has now reduced automotive battery capacity by 20% in North America since acquiring GNB Technologies last year.

Exide said some of the production from the Dunmore plant will be transferred to a manufacturing facility in Shreveport, La.

There will also be about 450 job cuts at a vehicle battery plant in Wales, and at a specialty industrial battery business in Germany.

As a result of these actions, the company will record a charge of about $68 million in its fourth-quarter ending March 31.

Since September, Exide has closed or sold three distribution facilities, 60 branches in North America and a automotive battery manufacturing plant in Dallas, Texas.

(Click here for the full press release.)