The US arm of lead-acid battery maker Exide Technologies has been renamed Stryten Manufacturing following the completion of a $179 million buy out by an investment firm.
Stryten will operate seven manufacturing plants across the US to serve the ‘evolving needs of its customers and partners’ after Exide’s Americas businesses were bought via an auction process by Atlas Holdings in July. Atlas renamed Exide Americas’ battery asset division Stryten Manufacturing and the recycling assests Element Resources.
Previous Exide employees Tim Vargo and Mike Judd will lead the new company— the former as CEO and the later as its president and chief operating officer of Stryten.
The firm, founded in 1888, will continue to be headquartered in Milton, Georgia.
The renaming marks the completion of a court-supervised sale process, pursuant to Section 363 of the U.S. Bankruptcy code following Atlas buying the operating assets of the Americas business of Exide Technologies.
The deal also included the renaming of Exide’s recycling assets to Element Resources, which owns and operates recycling plants in Canon Hollow, Missouri and Muncie, Indiana.
These facilities will provide recycling services to Stryten and other battery manufacturers.
Vargo, said: “We are thrilled to officially launch Stryten Manufacturing with our new colleagues at Atlas Holdings.
“Atlas is the ideal partner for us as they believe in growing and strengthening manufacturing companies for the long-term. They provide us with stability, unique operational expertise and a shared commitment to superior customer service. Together with Atlas, we’ll start today in writing the next great chapter for our company.”
Jacob Hudson, managing partner of Atlas Holdings, said: “Stryten Manufacturing and Element Resources are well-positioned for a very strong future, led by teams of experienced leaders and dedicated associates, and we are very pleased to welcome them all to the Atlas Family.
“With the successful conclusion of the 363 sale process, they can now concentrate on doing what they do best – delivering innovative and reliable power solutions to a broad range of blue-chip customers.”
The company’s GNB Industrial Power business underpins critical supply chains with motive power batteries and power management solutions for forklift manufacturers and operators in material handling applications, as well as railroad transportation companies.
GNB network power batteries serve the uninterruptible power supply (UPS) and back-up energy storage needs of telecommunications and utility providers. For more than a century, GNB has also provided the U.S. Navy submarine fleet with state-of-the-art battery systems.