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Exide Announces Initial Restructuring Plan

29 August 2000

Exide Announces Initial Restructuring Plan for North American Automotive Aftermarket Business

                     Plan Will Save $24 Million Annually

    READING, Pa., Aug. 28 Exide Corporation , the
global leader in stored electrical energy solutions, today announced initial
steps to improve the profitability of its North American transportation
aftermarket business, which is estimated to result in annual savings of
approximately $24 million.
    These actions are also being undertaken in conjunction with the company's
pending acquisition of GNB Technologies - expected to close at the end of
September 2000.  Of the $24 million in savings, approximately $20 million of
the savings from this program will be an addition to the first year savings
resulting from the acquisition, estimated at $44 million.
    The company's actions to improve profitability include moves to streamline
its North American sales and marketing organizations and programs, rationalize
its distribution operations and lower production costs through reduction of
manufacturing capacity.
    Robert A. Lutz, Chairman and Chief Executive Officer at Exide, said,
"These actions are part of our aggressive plan to refocus Exide by
strengthening our existing business and to immediately improve profitability
and cash flow.  We will be taking similar types of actions following the GNB
acquisition."
    Management said the initial actions will result in related charges in the
company's second quarter, ending October 1, 2000, of approximately $17 million
on both a pre-tax and after-tax basis of which approximately $5 million will
be in cash.
    The profit improvement actions include:
    -- The United States and Canadian aftermarket sales organizations will be
       merged into a North American sales group.  This reorganization will
       result in annual savings of approximately $3 million.
    -- Exide will shift the focus of its motorsports programs to an associate
       sponsorship of the Roush Racing Team while retaining the company's
       association with NASCAR.  Total savings will be approximately
       $15 million annually, beginning in October 2000.
    -- The company will close 11 of its North American distribution facilities
       within the next 30 days, resulting in annual savings of approximately
       $2 million.
    -- Exide's automotive aftermarket manufacturing facility in Maple, Ontario
       will be closed by November 30, 2000.  This action will generate
       approximately $4 million in annual pre-tax savings.  The company will
       undertake a feasibility study regarding the conversion of the facility
       to the manufacture of high-quality industrial batteries, consistent
       with its entry into the North American industrial market following the
       GNB acquisition.