EnerSys to close Ooltewah facility; expects $18.5M charge and 165 job cuts

EnerSys

Board approved closure of Ooltewah, TN plant; pre-tax charge of ~$18.5M, majority in H1 fiscal 2023.
Non-cash charge of $9.3M (asset/inventory write-offs); cash charges of $9.2M for retention, cleanup, legal.
Annual cost savings of ~$8M expected; production moved to other EnerSys North America facilities.
Reduction of ~165 employees; facility to be sold; closure substantially complete by end of calendar 2023.
Closure due to customer transition from flooded batteries to lithium and Thin Plate Pure Lead (TPPL).

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