EXHIBIT 99.1
C&D TECHNOLOGIES, INC.
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Power Solutions
1400 Union Meeting Road
Blue Bell, PA 19422
Phone: 215-619-2700
Fax: 215-619-7841
Shareholder Contacts:
Ian J. Harvie of C&D: 215-619-7835
Joseph Crivelli of Gregory FCA, for C&D: 610-642-8253
FOR IMMEDIATE RELEASE
C&D Technologies Sells Assets of Motive Power Division to
Crown Battery Manufacturing Company
BLUE BELL, Pa., October 24, 2007 -- C&D Technologies, Inc. ("C&D") (NYSE: CHP)
today announced completion of the sale of certain assets of its Motive Power
Division to Crown Battery Manufacturing Company("Crown") of Fremont, Ohio for an
undisclosed sum. C&D has also entered into a five year agreement with Crown to
market C-LINE(R), V-LINE(R) and VELOCITY(TM) batteries. Crown will also supply
sealed LIBRA batteries and FERRO series chargers to the motive power industry.
Under the terms of the arrangement Crown will become the authorized warranty
service provider for the installed base of C&D's motive batteries and chargers.
Additionally, Crown will take over C&D's motive power branch operations in
Canada, New York and California.
Dr. Jeffery Graves, CEO of C&D Technologies commented, "This transaction
concludes our reshaping of C&D, and focuses us exclusively on Standby Power
where we occupy a market-leading position in telecommunications, cable
television, uninterruptable power supplies and the utility industry. This
transaction is a good fit for both Crown and C&D, and importantly it also
provides for a smooth transition to our loyal motive customer base, many of whom
have been with us for over 50 years. We look forward to a mutually beneficial
long term relationship with Crown."
Hal Hawk, President of Crown Battery Manufacturing commented, "This purchase is
in line with our long-term strategic plan, and will position us for continued
growth in our desired markets. Our ability to provide warranty support to their
existing customers will yield a seamless transition."
About C&D Technologies: C&D Technologies, Inc. provides solutions and services
for the switchgear and control (utility), telecommunications, and
uninterruptible power supply (UPS) as well as emerging markets such as solar
power. C&D Technologies engineers, manufactures, sells and services fully
integrated reserve power systems for regulating and monitoring power flow and
providing backup power in the event of primary power loss until the primary
source can be restored. C&D Technologies is headquartered in Blue Bell, PA. For
more information about C&D Technologies, visit http://www.cdtechno.com.
About Crown Battery Manufacturing Company, Inc.: Crown Battery is a
privately-owned manufacturer and marketer of industrial batteries and chargers
to the material handling, mining and railroad industries. Additionally, Crown
manufactures automotive-style and commercial battery products to a multitude of
markets including floor-care, marine, commercial truck and automotive
aftermarket. For more than 80 years, Crown Battery has served the world's power
needs from its corporate headquarters in Fremont, Ohio. For more information,
you can find us as www.crownbattery.com.
Forward-looking Statements: This press release may contain forward-looking
statements (within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934), which are based on
management's current expectations and are subject to uncertainties and changes
in circumstances. Words and expressions reflecting something other than
historical fact are intended to identify forward-looking statements, but are not
the exclusive means of identifying such statements. Factors that appear with the
forward- looking statements, or in the company's Securities and Exchange
Commission filings (including without limitation the company's annual report on
Form 10-K for the fiscal year ended January 31, 2007, or the quarterly and
current reports filed on Form 10-Q and Form 8-K thereafter), could cause the
company's actual results to differ materially from those expressed in any
forward- looking statements made herein.
SOURCE C&D Technologies, Inc.