The acquisition has significant benefits for both companies, further strengthening their long-time working relationship. Last year Midtronics purchased Exide's battery charger business, and has developed battery testing and charging products that are sold under the Exide brand. Included in the acquisition are five U.S. patents, two U.S. patent applications, and overseas patent rights for which Exide Technologies will earn royalties on any new Midtronics products that incorporate the QuickSmart technology. Exide Technologies and Midtronics will work together to market these new offerings.
In addition, Midtronics will manage service on the QuickSmart units already deployed by Exide Technologies at automotive retail outlets across North America, thus supplying uninterrupted service to those customers. "The underlying QuickSmart technology will help further our development activities and innovation efforts in 'intelligent' diagnostic battery charging," said Steve McShane, president and CEO of Midtronics. "We will use the technology in select future Midtronics diagnostic charging products, initially in non-automotive applications."
While Exide Technologies has sold the QuickSmart technology, the company still maintains a strong and growing presence in diagnostic and charging technologies and other service-related businesses for its transportation and industrial customers. "The QuickSmart sales agreement will allow us to capitalize on Midtronics' expertise in developing and enhancing this technology for the ultimate benefit of our customers," said Craig Muhlhauser, president and chief operating officer of Exide Technologies. "By serving as the link between Midtronics and our customer base, Exide Technologies expands its delivery of superior services - a key part of our global business strategy."
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Midtronics is recognized as the world leader in battery management technology. Using patented Conductance Technology, we create innovative battery testing, monitoring, and diagnostic charging solutions for a wide range of battery applications, including vehicle starting batteries, standby or backup power, and motive power.
Midtronics' Conductance testers and diagnostic chargers are the required standard for battery warranty decisions at over 50,000 automotive dealers and battery retailers worldwide. Our standby battery testing, monitoring, and charging equipment is preferred or required for battery management decisions at major communications and energy providers around the world. The Midtronics team provides the highest quality battery management products while creating industry-driving technologies. From anywhere in the world, Midtronics is available, including headquarters in Willowbrook, Illinois, Midtronics b.v. in The Netherlands, Midtronics Canada, and a network of quality distributors worldwide. For more information, contact Andrea Ames, Midtronics, Inc., 7000 Monroe Street, Willowbrook, IL 60521. Telephone (630) 323-2800. Fax (630) 323-2844. E-mail: firstname.lastname@example.org or visit the company's website at www.midtronics.com.
Exide Technologies is the global leader in providing electrical energy storage solutions. The company has annualized revenues of approximately $3 billion and has operations in 89 countries, serving the industrial and transportation markets. Industrial applications include network-power batteries for telecommunications systems, fuel-cell load leveling, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS) markets; and motive-power batteries for a broad range of equipment uses, including lift trucks, mining vehicles and commercial vehicles.
Transportation uses include automotive, heavy-duty truck, agricultural, marine and other batteries, as well as new technologies being developed for hybrid vehicles and new 42-volt automotive applications. The company supplies both aftermarket and original-equipment transportation customers.
Further information about Exide Technologies, its financial results and other information can be found at www.exide.com . Media contact: Tim Yost, 734-827-3282; email@example.com Investor contact: Bruce Boyle, 610-378-0872; firstname.lastname@example.org
Certain statements in this press release may constitute forward-looking statements as defined by the Securities Litigation Reform Act of 1995. As such, they involve known and unknown risks, uncertainties and other factors that may cause the actual results of the company to be materially different from any results expressed or implied by such forward-looking statements. These are enumerated in further detail in the company's Form 10-K.