Enersys plans USD200m float to counter slump

News Story
- 15 Jul 2004 ( #166 ) - READING, PA, United States
1 min read
Forklift and industrial battery manufacturer Enersys has responded to a sharp drop in earnings by filing with the Securities & Exchange Commission (SEC) for a float that could net more than USD200 million.
Reuters reported Enersys, with 24% of the total global lead-acid industrial battery market, filed its prospectus on July 6, indicating it planned to sell 12.5 million shares for between USD15-USD17 each.
The company's most recent results showed it lost USD19.9 million on revenue of USD969.1 million for fiscal 2003-2004, ending March 31, after earning USD5.5 million on revenue of USD859.6 million in 2002-2003.
Enersys, which claims a 30% market share in the USA and Europe, and a 5% share in Asia, has applied for a New York Stock Exchange listing under the trading symbol "ENS".
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After some pessimism last year, the International Monetary Fund has increased its 2022 and 2023 growth forecasts. Global growth will slow from 3.4% in 2022 to 2.9% in 2023 and then rebound to 3.1%, the global agency predicts.
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