Battery-Maker Exide Files for Chapter 11

Well-known marine battery maker Exide Technologies filed for Chapter 11 bankruptcy protection Monday in a Delaware federal court.

Court documents indicate the company has $1.9 billion in assets and $1.1 billion in liabilities.

“In recent years a number of factors have contributed to a decline in Exide’s earnings and liquidity position, ultimately making this Chapter 11 filing a necessary step for Exide to de-lever its balance sheet,” the company said in court documents.

Those factors included rising production costs that cut into margins and the lingering downturn in Europe, which accounts for about 51.2 percent of the company’s revenue, court documents showed.

Loss of Walmart’s business, result of intense competition in which the giant retailer signed an exclusive agreement with Johnson Controls, Exide’s major competitor, resuled in a $160 million annual loss to revenue.

Based in Milton, Ga., Exide operates 13 manufacturing facilities and employs about 3,600 people in the United States.