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READING, Pa., Feb. 16 /PRNewswire-FirstCall/ -- EnerSys (NYSE:
ENS), the world's largest manufacturer, marketer, and distributor
of industrial batteries, today announced that it has reached agreement
in principle to acquire the motive power battery business of FIAMM
S.p.A., a market leader in the automotive sector in starter batteries,
acoustic devices and antenna systems, as well as in industrial
batteries. The transaction is expected to close in EnerSys' 2006
first fiscal quarter. "Fiamm's motive power business is a great match for EnerSys. It
fits into our long-range growth strategy. With revenues, primarily
in Europe, of approximately $90 million (equivalent to approximately
70 million Euros), this acquisition will extend EnerSys' motive
power battery leadership position worldwide," noted John Craig,
chairman, president and CEO of EnerSys. "EnerSys is committed to
continuing to serve Fiamm's existing motive power customers and
distributors as a standalone business. The Fiamm motive power products,
brands and distribution channels are well respected and EnerSys
plans to continue to support their development." Giulio Dolcetta, Fiamm's chairman, stated, "We are very pleased
to be selling Fiamm's motive power business to EnerSys, a company
that possesses the know-how and size to further enhance the success
of Fiamm's motive power business." Consummation of the transaction is subject to the execution of
mutually acceptable definitive documentation and the satisfaction
of customary closing conditions, including the receipt of government
consents. For more information, contact Richard Zuidema, Executive Vice
President, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA.
Tel: 800/538-3627; Web site: http://www.enersys.com. EDITOR'S NOTE: EnerSys, the world leader in stored energy solutions
for industrial applications, manufactures and distributes reserve
power and motive power batteries, chargers, power equipment, and
battery accessories to customers worldwide. Motive power batteries
are utilized in electric fork trucks and other commercial electric-powered
vehicles. Reserve power batteries are used in the telecommunications
and utility industries, uninterruptible power suppliers, and numerous
applications requiring standby power. The company also provides
aftermarket and customer support services to its customers from
over 100 countries through its sales and manufacturing locations
around the world. More information regarding EnerSys can be found at http://www.enersys.com. Fiamm is one of the main global players in its product field and
boasts a tradition of strong quality and customer orientation with
2003 sales of more than 500 million Euros (approximately $654 million
US) and employing 3,000 people worldwide. The company's motive
power business employs 450 people and had sales of approximately
70 million Euros (approximately $90 million US) in 2004.
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Caution Concerning Forward-Looking Statements
This press release (and oral statements made regarding the subjects
of this release) contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include, but are not limited
to, (i) statements regarding EnerSys' and Fiamm's plans, objectives,
expectations and intentions and other statements contained in
this press release that are not historical facts, including statements
identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or
words of similar meaning; and (ii) statements about the benefits
of the proposed acquisition of Fiamm's motive power business,
including any impact on financial and operating results and estimates,
and any impact on EnerSys' market position that may be realized
from the proposed acquisition.
These forward-looking statements are based upon management's
current beliefs or expectations and are inherently subject to
significant business, economic and competitive uncertainties
and contingencies, many of which are beyond our control. The
following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: (1) the ability to successfully integrate Fiamm's
motive power business with EnerSys' business within expected
timeframes; (2) the possibility that EnerSys may not realize
revenue benefits from the proposed acquisition within expected
timeframes; (3) operating costs and business disruption following
the proposed acquisition, including possible adverse effects
on relationships with employees may be greater than expected;
and (4) competition may adversely affect Fiamm's business and
result in customer loss. EnerSys does not undertake any obligation
to update any forward-looking statement to reflect circumstances
or events that occur after the date such forward-looking statement
is made.
"Safe Harbor" Statement
under the Private Securities Litigation Reform Act of 1995: Statements
in this press release regarding EnerSys's business which are
not historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained
in the forward-looking statements, see "Risk Factors" in the
Company's Annual Report or Form 10-K for the most recently ended
fiscal year.
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