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SPX Sells Municipal Water and Municipal Wastewater Valve
Business
CHARLOTTE, NC - December 31, 2004 - SPX Corporation (NYSE: SPW) today
announced that it has completed the sale of its municipal water and
municipal wastewater valve business to St. Cloud, Minnesota-based Granite
Equity Partners and its affiliates for $29.75 million. The water valve and
related business has annual estimated revenues of $60 million.
Don Canterna, President of SPX Process Equipment said, "Completing the sale
of this business allows us to reallocate our resources to the growth
opportunities in our key served markets. This is a good business, however
our growth strategy for our valve business is focused on those global
markets where our Copes-Vulcan, Febco, Daniel Valve, DeZurik and Mueller
Steam Specialty brands are well-recognized and have opportunities to
expand."
In May 2004, the company committed to a plan to divest this business. Based
on the probable sale, the results of operations were reported as
discontinued operations in the second quarter. This business, based in
Sartell, Minnesota, was previously part of the company's Flow Technology
segment.
SPX Corporation is a global provider of technical products and systems,
industrial products and services, flow technology, cooling technologies and
services, and service solutions. The Internet address for SPX Corporation's
home page is www.spx.com.
Certain statements in this press release are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created thereby. Please refer to
our public filings for a discussion of certain important factors that relate
to forward-looking statements contained in this press release. The words
"believe," "expect," "anticipate," "estimate," "guidance," "target" and
similar expressions identify forward-looking statements. Although the
company believes that the expectations reflected in its forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to be correct.
SPX Corporation shareholders are strongly advised to read the proxy
statement relating to SPX Corporation's 2005 annual meeting of shareholders
when it becomes available, as it will contain important information.
Shareholders will be able to obtain this proxy statement, any amendments or
supplements to the proxy statement and any other documents filed by SPX
Corporation with the Securities and Exchange Commission for free at the
Internet website maintained by the Securities and Exchange Commission at
www.sec.gov. In addition, SPX Corporation
will mail the proxy statement to each shareholder of record on the record
date to be established for the shareholders' meeting. Copies of the proxy
statement and any amendments and supplements to the proxy statement will
also be available for free at SPX Corporation's Internet website at
www.spx.com or by writing to Investor
Relations, SPX Corporation, 13515 Ballantyne Corporate Place, Charlotte,
North Carolina 28277, telephone (704) 752-4400.
SPX Corporation, its executive officers and directors may be deemed to be
participants in the solicitation of proxies for SPX Corporation's 2005
annual meeting of shareholders. Information regarding these participants is
contained in a filing under Rule 14a-12 filed by SPX Corporation with the
Securities and Exchange Commission on December 9, 2004.
Contact:
Jeremy W. Smeltser (Investors)
704-752-4478
E-mail: investor@spx.com
Tina Betlejewski (Media)
704-752-4454
E-mail: spx@spx.com
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