Exide Responds to Investigation
Exide Corp. (Reading, PA) recently responded to news reports of a federal investigation in Illinois regarding Sears Roebuck & Co. and Exide. According to Exide, a subpoena issued to Sears requested documents related to the wheel balancing business operated by Sears and the sale of DieHard batteries which are manufactured by Exide and sold by Sears. Though Exide has not been contacted or subpoenaed regarding the inquiry, the company contacted the United States attorney's office in Illinois to pledge the company's full cooperation in its probe."We just want to set the record straight," said Exide chairman and CEO, Robert A. Lutz. "We will cooperate - and have cooperated - with any court inquiries into the company's activities. Additionally, we informed Sears more than a year ago about these alleged payments."