plans to close two additional manufacturing plants and terminate 950 workers, or roughly 5% of its workforce, as part of a move to reduce automotive production capacity in North America.
Exide will close automotive battery making plants in Burlington, Iowa, and Dunmore, Pa. About 500 employees will lose their jobs. Some production from Dunmore will be transferred to the company's Shreveport, La., plant. The remainder of the job cuts will take place in plants in Duisburg, Germany, and Cwmbran, Wales.
The company, which makes batteries for automotive and industrial uses, will take a $68 million charge in the fourth quarter as a result of the actions.
Shares of Exide gained 12 cents, or 1.5%, to $8.12 in recent
New York Stock Exchange