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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
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Date of Report: January 26, 1996
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EXIDE CORPORATION
(Exact name of Registrant as specified in its charter)
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Delaware 1-11263 23-0552730
(State or other jurisdiction of (Commission (I.R.S. Employer Identification
incorporation or organization) File Number)
Number)
1400 North Woodward Avenue
Bloomfield Hills, Michigan 48304
(810) 258-0080
(Address, including zip code, and telephone number, including area code,
of Registrant's principal executive offices)
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Item 5. Other Events.
The following press release was issued by the Registrant on January 25, 1996:
Exide Corporation, the world's largest manufacturer of batteries
and related accessories, today unveiled a bold reorganization plan which
will affect the Company's operations in the United Kingdom and North
America. The plan calls for the elimination of five hundred positions in
North America and two hundred in the United Kingdom. This action,
coupled with the previously announced reorganization and consolidation
of the Company's European operations, means that by March 31, 1996, the
Company's total work force will have been reduced by about two thousand
people.
Arthur M. Hawkins, Exide's Chairman and Chief Executive Officer,
explained that despite the fact that final numbers for the Company's
third quarter, which ended December 31, 1995, were not yet available due
principally to the annual closing requirements of the Company's European
businesses, certain items, such as unanticipated start up problems at a
plant in the United Kingdom and a December sales volume shortfall in
North America suggest that the Company will fall short of analysts'
earnings expectations for that period. However, the long term earnings
outlook resulting from the European consolidation and other factors
remains highly favorable.
"Anticipating disappointing third quarter results, caused
principally by abnormal weather, I was compelled to take these actions.
Many people erroneously equate snow with severe cold weather which
prompts battery failure. However, published climatological data from
the contiguous forty eight states demonstrates that to date this winter
has been as mild as last year. These mild temperatures are reflected in
preliminary industry-wide data which indicate that battery shipments
this year are less than those for the comparable period last year. Also,
I could not lose sight of the fact that Exide is the lowest cost,
highest quality producer in the industry. These actions will preserve
that distinction without impairing the operation of the Company and
will, in fact, enhance the Company's competitive position while making
it far less dependant on weather", said Mr. Hawkins.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on January 26, 1996.
EXIDE CORPORATION
By: /s/ James M. Diasio
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James M. Diasio
Corporate Controller
