EXHIBIT 99.1
C&D TECHNOLOGIES, INC.
POWER SOLUTIONS
1400 Union Meeting Road
Blue Bell, PA 19422
Phone: 215-619-7850
Fax: 215-619-7841
Shareholder Contacts:
Stephen E. Markert, Jr. of C&D: 215-619-7835
Yanis Bibelnieks for C&D: 718-499-6516
FOR IMMEDIATE RELEASE
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C&D TECHNOLOGIES Declares 2-for-1 Stock Split
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BLUE BELL, PA, May 23, 2000 -- C&D Technologies, Inc. (NYSE: CHP), a
leading North American producer and marketer of electrical power storage and
conversion products used primarily in telecommunications, data transmission and
for uninterruptable power supply systems, today announced its Board of Directors
had approved a two-for-one stock split effected in the form of a 100% stock
dividend. The additional shares will be issued on June 16, 2000 to stockholders
of record at the close of business on June 2, 2000. The Company currently has
approximately 13.1 million shares outstanding and trades on the New York Stock
Exchange. After the stock split, C&D Technologies, Inc. will have approximately
26.2 million shares outstanding.
After the split, the Company expects to announce the payment of its next
quarterly cash dividend of 1.375 cents per share, which amount would reflect an
adjustment to the current quarterly dividend rate for the two-for-one stock
split.
"We believe this split serves the best interests of our company and its
stockholders by increasing liquidity and making our shares more accessible to
individual as well as institutional investors," stated Wade Roberts, the
President and Chief Executive Officer of C&D Technologies.
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