Yuasa Sold By Exide, Becomes EnerSys

READING, Pa.--Exide Technologies has sold its 13.5 percent interest in Yuasa Inc. for $29.9 million, and the new buyers have renamed the company EnerSys Inc. with plans to stay in the non-automotive battery business.

Exide expects its pre-tax gain of $13 million to be used toward reducing its debt.

The Yuasa purchase was implemented by company management and Morgan Stanley Dean Witter Capital Partners.

The organization will continue to operate as Yuasa until the end of this year, when it officially becomes EnerSys.

The remaining operations of the former company--Yuasa’s Sport Utility business unit that provides small engine starting batteries for sports vehicles such as motorcycles--will operate as Yuasa Battery Inc. P. Michael Ehlerman has been appointed chairman, president and chief executive officer of that operation. The parent company, Yuasa Corp. of Japan, will retain 100 percent ownership.

In addition to the Reading headquarters (which will remain the HQ), Yuasa/EnerSys has full production facilities in Sumter, S.C.; Richmond, Ky.; Cleveland, Ohio; and Hays, Kan. Other manufacturing operations are located in San Paulo, Brazil; Buenos Aires, Argentina; Monterrey, Mexico; and Toronto, Canada. Sales, service and recycling facilities are located throughout the Americas.

The company employs more than 3,000 people globally, including 2,500 in the U.S. About 220 are located at the Reading headquarters.