Exide Corporation Receives Final Approval to Purchase European Battery Company

28 July 1997
Exide Corporation Receives Final Approval to Purchase European Battery Company

    BLOOMFIELD HILLS, Mich., July 28 -- Exide Corporation
, the world's largest manufacturer and marketer of automotive and
industrial lead-acid batteries and battery accessories, today announced it had
received final approval by the German Federal Cartel Office to purchase DETA
Akkumulatoranwark GmbH, MAREG Accumulatoren GmbH and FRIWO SILBERKRAFT
(collectively "DETA") owned by CEAG AG.   The approval by the German
Government Agency was the last step to concluding the acquisition.  Exide
expects the closing to occur in a matter of days.
    DETA, whose principal subsidiaries are located in Germany, Portugal, Spain
and the UK has total sales revenues in excess of DM 300 million.  With this
acquisition, Exide will strengthen its market position in the European
traction battery business and become the market leader in Germany as well as
the principal automotive supplier to BMW.  In addition, Exide acquires
significant advanced technology in lithium and silver-zinc batteries which
have uses in certain military and high technology applications.
    "We are, needless to say, quite pleased with the German approval of this
acquisition," said Arthur M. Hawkins, President, CEO and Chairman of Exide
Corporation.  "This acquisition gives Exide clear marketshare leadership in
every market in the European Economic Community and brings Exide's marketshare
in Europe to over 45%.  In addition, it provides us with some exciting
technology and gives Exide the largest, most modern traction battery plant in
the world with very competitive labor rates as a result of new agreements with
the unions," said Hawkins.  "The acquisition also gives us the opportunity to
do some additional restructuring in Germany more rapidly than originally
planned which will result in additional savings of at least $10 million,"
Hawkins added.  "Furthermore, the recent de-evaluation of the Deutsche Mark
results in high tech / high margin German products becoming more competitive
in the rest of the world which should benefit Exide in the future in the form
of increased demand," concluded Hawkins.
    Exide Corporation is headquartered in Bloomfield Hills, Michigan, with
administrative offices in Reading, Pennsylvania.  Exide is traded on the New
York Stock Exchange under the symbol "EX".

SOURCE  Exide Corporation