Milton, Georgia-based Exide Technologies, manufacturer and recycler of lead-acid batteries for automotive and industrial use, has filed for protection under Chapter 11 of thee U.S. Bankruptcy Code. The filing did not include its foreign operations in Asia, Euope, or Africa.
The company has filed a conditional notice of a mass layoff of 298 employees at its Milton location which may become effective July 21, 2020.
Likewise, the company also notified the State of Indiana that it may close its recycling facility in Muncie, Indiana which feeds recovered materials to its other factories. The closure would affect approximately 180 employees. A lead recovery operation in Vernon, California was suspended due to environmental concerns.
Additional layoffs are possible in Salina, Kansas (765 employees impacted) and Kansas City, Kansas (223 employees impacted).
According to Tim Vargo, the company's chairman, president, and chief executive officer…
“Our Board of Directors determined that, given the continued, unsustainable impact on our cost structure resulting from legacy liabilities in North America, and in light of the global economic COVID-19 slowdown that has amplified these pressures, a sale of our North American operations through a court-supervised process provides the best opportunity to continue delivering high-quality energy storage solutions and service to our customers.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?