August 27, 2020: Atlas Holdings’ formal acquisition of lead battery manufacturer and recycler Exide Technologies has been completed with two standalone companies set up to make and recycle lead batteries, Atlas announced on August 25.
Exide’s Tim Vargo was appointed CEO of Stryten Manufacturing, alongside Mike Judd, also formerly with Exide, as president and chief operating officer.
Details of who will head up Element Resources have not yet been given, though Atlas said the firm will own and operate recycling plants in Canon Hollow, Missouri and Muncie.
“These facilities provide environmentally responsible recycling services to Stryten Manufacturing and other battery manufacturers,” said a statement.
Stryten will also operate the GNB Industrial Power business, which runs supply chains for motive power batteries for forklift and materials handling manufacturers and railway firms, and provides UPS and back-up energy storage for telecommunications and utilities.
“Atlas is the ideal partner for us as they believe in growing and strengthening manufacturing companies for the long term,” said Tim Vargo. “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: “With the successful conclusion of the 363 sale process, the two companies can now concentrate on doing what they do best — delivering innovative and reliable power solutions to a broad range of blue-chip customers.”
No mention was made of the non-performing sites that were owned by Exide before the sale to Atlas Holdings, nor what will happen to the Vernon recycling site, which was largely to blame for the company’s three Chapter 11 bankruptcy filings.
The European and Asia-Pacific operation was split from the North American business during the third Chapter 11 proceedings and is to continue to operate under the terms of an agreement made this May.