Exide Technologies Acquires Pacific Dunlop's Global Battery Business

May 11, 2000 by Jeff Shepard

Exide Technologies (Reading, PA) has entered into an agreement to acquire the global battery business of Pacific Dunlop Ltd. (Austrailia), including its US subsidiary GNB Technologies (Atlanta, GA), for approximately $368.0 million. The payment included $333.0 million in cash and four-million Exide common shares.

"While this transaction is still subject to careful examination," said Robert A. Lutz, chairman, president and CEO at Exide, "the potential acquisition of GNB makes tremendous strategic sense and is a significant step in our remaking of Exide as the world leader in stored electrical energy."