PRINCETON, N.J. – Battery maker Exide Technologies Inc. said it will cut 20 percent of its salaried work force — about 1,100 jobs — over the next six months as it struggles to regain profitability.
It is the company's fifth round of job cuts since September 2000. Total job cuts now have reached 4,200, or 20 percent of the company's work force.
Exide on Thursday reported a second-quarter loss of $32.5 million, or $1.20 per share, compared to a loss in last year's second quarter of $14.5 million, or 68 cents per share.
Excluding nonrecurring charges, the company lost 59 cents per share in the quarter ending Sept. 30.
In August, the company said it expected to earn 10 to 20 cents per share, excluding one-time items.
The company retracted its earnings guidance for the remainder of the year, and its board of directors announced it has suspended the company's quarterly stock dividend of 2 cents per share.
The job cuts will come from throughout Exide's worldwide operations. The company would not be more specific.
The company previously announced a reduction in its number of business units from five to three.
Craig H. Muhlhauser, who was appointed president and chief executive officer on Sept. 1, described the second quarter results as "clearly disappointing," but said he is confident the restructuring plan along with "the strength of our market leadership and technology breadth" would help the company regain profitability.
Exide shares closed at 78 cents, up 39 cents in Friday trading on the New York Stock Exchange. The stock traded as high as $11.50 earlier this year.
Exide is the world's largest manufacturer and recycler of automotive and industrial batteries.