Exide Corporation (NYSE: EX – news) received a subpoena today from the U.S. Attorney for the Southern District of Illinois, requesting documents primarily relating to Exide’s past business relationship with Sears, Roebuck and Co.
Exide first learned of the Sears investigation in September 1999. “When Exide first learned of the Sears investigation, we contacted the U.S. Attorney to assure him of our full cooperation and offered to provide any documentation that might be helpful to that investigation,” said John R. Van Zile, Exide’s Vice President and General Counsel. Van Zile continued: “We will provide anything that is useful to the U.S. Attorney in a timely and thorough manner.”
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Based upon its review of the subpoena, Exide does not believe that there are any new facts or areas of investigation that have not been the subject of past review. Accordingly, Exide does not believe that the U.S. Attorney’s inquiry will have a material adverse effect on the Company’s financial condition.
Exide Corporation, following its planned acquisition of GNB Technologies, will have annual revenues of approximately $3.2 billion and operations in 23 countries, and be the world’s leading manufacturer of electrical energy storage solutions for transportation and industrial applications. Further information about Exide’s businesses and products, along with a new investor fact sheet containing additional details on recent financial results and other information, is available at www.exideworld.com.
