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Exide Corporation Decides Not to Proceed with Recapitalization

17 August 1998

Exide Corporation Announces the Conclusion of Its Recapitalization Study

    BLOOMFIELD HILLS, Mich., Aug. 17 -- Exide Corporation
announced that a management group headed by its Chairman and CEO,
Arthur M. Hawkins, has advised the Board of Directors that management has
concluded its study of recapitalization of the Company and decided not to
proceed. The Board reemphasized that the Company is not for sale.
    Mr. Hawkins noted that management's action was prompted by a number of
factors, including strong support for the Company's directors at last week's
shareholders' meeting and the negative reaction of some shareholders to the
prospect of a management proposal.  One large shareholder, in a letter to
directors, expressed concern that the recapitalization should not take
advantage of the stock market's inattention to improvement in the Company's
fundamentals.  Mr. Hawkins stated that "the Company's European acquisition
program is complete, the consolidation and rationalization process is ahead of
schedule; the European currency fluctuations should stabilize with the
expected adoption of the Euro, and market penetration at home and abroad is
most promising.  Even the weather appears to be cooperating."
    Exide Corporation is the world's largest manufacturer of lead-acid
batteries.