Exide Dumps Bristol Workers after Receiving $34 million in Stimulus Funds
In 2009 Exide announced the firing 567 workers at Bristol battery plant or 70 percent of its workforce. Opened in 1994, Exide's Bristol plant is a manufacturing and distribution center of lead-acid batteries used in the automotive, marine and specialty industries. They had 817 employees at the time. They did some rehires that were proclaimed "new jobs."
November 9, 2011 Exide announced they will cut another 233 jobs in Bristol. The fate of another 236 workers will be known in the next 90 days. Merry Christmas.
They have been showered with millions in corporate welfare since moving to Bristol in 1994. That included tax giveaways and upgraded water and electrical services. The local press claims, "Federal stimulus money is currently helping fund a new product line Exide still plans to open in Bristol." Won't happen. As others have pointed out with this level of government handouts, when does capitalism end and crony capitalism begin?
Update June 2013:
Now they have announced another layoff on May 30, 2013 dumping another 68 workers. These are permanent layoffs. Now it has been revealed that Exide has filed for Chapter 11 Protection. According to the Wall Street Journal June 10, 2013. This is the second Chapter 11 filing for the company which restructured in 2004. Why was a company like this given $34 million in Federal stimulus funds?
This filing only effects US operations and not its operations in 80 other countries. They claim stiff competition, high production costs, and " Wal-Mart Stores Inc.'s decision to designate Johnson Controls as its sole supplier of transportation batteries resulted in a loss of about $160 million in annual revenue." Exide has assets of about $1.9 billion and debts of $1.1 billion.
In addition the WS Journal reports the company suspended operations at a California lead processing facility due to environmental problems.
I went to www.recovery.com and did a search on Exide. Here is a sample of the waste involved with just this company alone.
Jobs reported: 1.04
Cost per job: $810,000
ACCELERATING THE ELECTRIFICATION OF US DRIVE TRAINS: READY AND AFFORDABLE TECHNOLOGY SOLUTIONS FOR DOMESTICALLY MANUFACTURED ADVANCED BATTERIES - This project is to expand Exide Technologies advanced battery manufacturing capacities in our Columbus, Georgia and Bristol, Tennessee facilities.
Award Number: DE-EE0002618
Total Award Amount $34,294,772
Award Date: 12/23/2009
Jobs Reported: 6.00 in Milton GA, none in Bristol
Cost per job: $5.67 million
Where is the public on this?
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