USA: Exide Announces Initial Restructuring Plan for North American Automotive Aftermarket Business
Exide Corporation (NYSE: EX), the global leader in stored electrical energy solutions, today announced initial steps to improve the profitability of its North American transportation aftermarket business, which is estimated to result in annual savings of approximately $24 million. These actions are also being undertaken in conjunction with the company's pending acquisition of GNB Technologies - expected to close at the end of September 2000. Of the $24 million in savings, approximately $20 million of the savings from this program will be an addition to the first year savings resulting from the acquisition, estimated at $44 million.
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