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Exide Technologies USW Agreement Approved

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The U.S. Bankruptcy Court approved Exide Technologies’ motion to authorize its entry into an agreement with the United Steelworkers (USW). As previously reported, “Prior to February 23, 2014, the Parties engaged in good faith negotiations to extend the term of the USW CBA, resulting in the Agreement. The Agreement provides that the Parties will enter into a new collective bargaining agreement for a period of one-year through midnight February 22, 2015. The Agreement will consist of all terms and conditions of the USW CBA, including, among other things, promises by the Union not to strike, engage in a work stoppage, or interrupt or impede work and a promise by Exide not to lockout those workers, and provides a $0.25 wage increase for all bargaining unit employees from the first full pay week following the ratification through February 22, 2015. The Union’s members ratified the Agreement on February 19, 2014. The USW CBA will remain in full force and effect until this Court either approves or denies the Motion.”

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