Tim Vargo

Atlas Holdings has announced the launch of standalone companies Stryten Manufacturing and Element Resources following its acquisition of the operating assets of the Americas business of Exide Technologies.

The transaction is part of a court-supervised sale process, pursuant to Section 363 of the US Bankruptcy code.

The newly formed Stryten Manufacturing, headquartered in Milton, Georgia, will be led by Tim Vargo, chief executive officer and Mike Judd, president and chief operating officer.

Vargo was chairman, president and CEO of Exide Technologies.

Meanwhile, Element Resources, which owns and operates recycling plants in Canon Hollow, Missouri and Muncie, Indiana, provides environmentally responsible recycling services to Stryten Manufacturing and other battery manufacturers.

"We are thrilled to officially launch Stryten Manufacturing with our new colleagues at Atlas Holdings," says Vargo. "Atlas is the ideal partner for us as they believe in growing and strengthening manufacturing companies for the long-term. They provide us with stability, unique operational expertise and a shared commitment to superior customer service. Together with Atlas, we'll start today in writing the next great chapter for our company."

"Stryten Manufacturing and Element Resources are well positioned for a very strong future, led by teams of experienced leaders and dedicated associates, and we are very pleased to welcome them all to the Atlas Family," according to Jacob Hudson, managing partner of Atlas Holdings. "With the successful conclusion of the 363 sale process, they can now concentrate on doing what they do best - delivering innovative and reliable power solutions to a broad range of blue-chip customers."

In June, the US division of battery giant Exide, a significant supplier to the materials handling sector, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.

At the time, company sources stressed that the Chapter 11 filing covered only the US business and that Exide "has separately reached an agreement to sell its EMEA and Asia Pacific business to an ad hoc group of its noteholders, subject to certain conditions outlined in the transaction documents, and subject to higher or better offers. This business is not included in the Chapter 11 proceedings and continues to operate as usual."