Exide's seven-year bonds yield nearly 4% more than seven-year German government bonds, known as bunds.

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Eight months later Wagoner hired Lutz, who was then head of Exide Corp.

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He has also been a senior executive at Ford, Chrysler and BMW and was CEO of battery-maker Exide Technologies.

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Eight months later Wagoner hired Lutz, then head of Exide, as vice chairman to revive GM's tired lineup of vehicles.

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Johnson Controls competes with other major automotive battery manufacturers like Exide, GS Yuasa, East Penn and Fiamm in this space.

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Nevertheless, without the confusion regarding Credit Suisse and Exide Industries, there simply was not enough good news to counteract the large earnings miss and explain the rally.

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