Exide will continue to serve global markets with several well-known brands
Exide Technologies' former EMEA and Asia Pacific (APAC) business has successfully concluded its separation from Exide Holdings, Inc. in the United States.
As part of the transaction, the business received further multi-million-dollar funding from its new investors.
The new Exide, headquartered near Paris, France, is a leading provider of advanced energy solutions for the automotive and industrial markets. The company's more than 5,000 employees across Europe, the Middle East, Asia and Australia will continue to serve the global markets with several well-known brands.
With two R&D facilities and 11 production plants in Europe, Exide says it is committed to high-quality engineering, manufacturing and recycling, and continues to innovate to meet customers' evolving energy storage needs.
Stefan Stübing, former president, EMEA & APAC, of the former Exide company, will lead the new entity as president, chief executive officer and director.
Joe Hinrichs has been named as chairman of the board of directors, having recently retired as the president of Ford Motor Company's global automotive business.
"Now, as a standalone, we are more agile. It will allow us to react even faster to the wishes of our customers and requirements of the market," says Stübing. "The new owners represent a group of Exide's long-term noteholders and know us well, thereby demonstrating their continued commitment to our success."
, Exide filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware.
The US assets were acquired by Atlas Holdings in August