Exide Sells Interest in Sonnenschein Lithium
March 21, 2001 by Jeff Shepard
Exide Technologies (Princeton, NJ) announced that it has completed the sale of its share of Sonnenschein Lithium GmbH (Germany). Exide's 50-percent share in the company was sold to its joint-venture partner, Tadiran Ltd. (Israel). Cash proceeds from the sale were $7.5 million and will be used to pay down debt.
CFO Kevin R. Morano of Exide commented, “The sale of our interest in Sonnenschein Lithium is consistent with our efforts to divest non-core businesses and focus on our core competencies."