Exide to sell several units to pare debt

June 15, 1999|By BLOOMBERG NEWS

BLOOMFIELD HILLS, Mich. -- Exide Corp., the world's largest maker of automobile batteries, plans to sell several units as part of a plan by its new chief executive, Robert Lutz, to pay off debt and shed less-profitable businesses.

Exide has put "several noncore assets" up for sale, spokesman Bruce Boyle said yesterday.

Boyle declined to comment on an Automotive News report that the company would sell its Speed Clip battery-terminal supplier, its battery-charger business, its Sure Start alternator and starter restorer unit, its maker of plastic battery casings and its insulator-manufacturing division.

Lutz, a former Chrysler Corp. vice chairman, was hired in November to reorganize a company that has faced shareholder lawsuits, the departure of top managers and a Florida investigation into its sales practices.

Pub Date: 6/15/99

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