EaglePicher Technologies

July 31, 2006 17:08 ET

EaglePicher Technologies Completes Restructuring

Company Positioned for Growth With New U.S. Ownership

JOPLIN, MO--(CCNMatthews - July 31, 2006) - EaglePicher Incorporated (EPI) and its U.S. subsidiaries, including EaglePicher Technologies, successfully completed their Chapter 11 restructuring process. On August 1, 2006, pursuant to their confirmed plan of reorganization, substantially all the assets of EPI and its U.S. subsidiaries will be transferred to the newly formed EaglePicher Corporation (EPC) and its subsidiaries. The defense and space commercial battery assets of the former EaglePicher Technologies will be transferred to the new EaglePicher Technologies (EaglePicher).

EPC and its subsidiaries, including the new EaglePicher Technologies, have entirely new U.S. ownership, principally Angelo, Gordon & Company and Tennenbaum Capital Partners. This is important to the company due to its extensive U.S. government/defense business.

It has operations in Joplin, Mo., Seneca, Mo., Miami, Okla., Pittsburg, Kan., Vancouver, British Columbia and Ohringen, Germany.

"Through restructuring we have realigned our cost structure to make us more competitive in our markets and rationalized our portfolio to bring a stronger focus on products and services that will carry us into the future," said Steve Westfall, president of EaglePicher Technologies. "We stressed process improvement that will keep us lean and yield reliable, high quality products for our customers," he added. A new automated facility for thermal batteries and a significant win for Lithium-Ion (Li-Ion) batteries with Orbital Sciences are evidence of the success of those efforts. "We have strong customer activity in areas of defense and space, boron, medical batteries, and pharmaceutical products," he said. Westfall is also president of EP Boron, EP Pharmaceutical Services, and EP Medical Power, companies that were formerly under the old EaglePicher Technologies umbrella.

"During the Chapter 11 restructuring process we focused on operational and quality improvements to benefit employees, customers and suppliers," said Westfall. "Our survival depended on them. It allowed us to look at where we were and where we really wanted and needed to be. We made changes with our customers first and foremost in mind. I am very confident about our new organization, leadership, current product offering and new product development. We are ready to write a new chapter in EaglePicher Technologies' very long and successful history, and it will be a chapter of sustained growth."

About EaglePicher Technologies

EaglePicher Technologies, an EaglePicher company, is the leading producer of batteries and energetic devices for the defense, space and commercial industries, and provides the most experience and broadest capability in battery electrochemistry of any battery supplier in the United States.

EaglePicher Technologies offers a wide range of battery technology including thermal, nickel hydrogen, lithium carbonmonofluoride, lithium thionyl chloride, lithium manganese dioxide, lithium sulfur dioxide, lithium ion, reserve lithium oxyhalide, custom battery assemblies and silver zinc batteries. They also provide other energy products and pyrotechnic devices for the defense industry, as well as advanced battery chargers and other power solutions for business, industrial, and recreational applications. EaglePicher Technologies is headquartered in Joplin, Mo. For more information, visit www.eaglepicher.com.

This release contains statements which, to the extent that they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. These include any statements about future business operations, financial performance or market conditions. Such forward-looking information involves risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are discussed in EaglePicher Holding's filings with the U.S. Securities and Exchange Commission.

EaglePicher™ is a trademark of EaglePicher Corporation.

Contact Information

  • EaglePicher Technologies
    Art Fiacco
    480 837 3948
    480 748 1389 (Mobile)