SPX Secures Additional Contracts for Dry Cooling Systems in China
Power Plants in Shanxi and Inner Mongolia to Use Less Water
CHARLOTTE, NC - January 16, 2009 - SPX Corporation (NYSE: SPW) today announced that the Chinese subsidiaries of its thermal equipment and services segment have secured two contracts worth $51 million to provide dry cooling systems for the Hequ (Shanxi) and Haibowan (Inner Mongolia) power plants.
The Hequ power plant is owned and operated by the subsidiaries of Shandong Luneng Group, a major enterprise in the power and coal mining business. The Haibowan facility is owned and operated by the subsidiaries of Shenhua Group Corporation Limited, a state owned, diversified energy enterprise with major businesses concentrating on coal, power generation and transportation.
"We continue to see strong demand for our dry cooling systems in China where the power generation market remains robust and water conservation efforts are top of mind," said Drew Ladau, SPX segment president. "The technology that will be utilized in SPX's air-cooled condensers at the Hequ and Haibowan plants is directly aligned with the efforts and policies of Chinese authorities to conserve water resources," he added.
The Hequ and Haibowan power plants are expected to be operational in 2010, and the delivery of SPX's equipment is scheduled to commence sometime around the end of 2009.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; custom engineered process equipment that assists a variety of flow processes including food and beverage manufacturing, oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs more than 17,000 people worldwide in over 35 countries. Visit www.spx.com. (NYSE: SPW)
Certain statements in this press release including any statements relating to fulfillment of the terms of the referenced contracts, may be 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 word "expected," "anticipated" and similar expressions may 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. Statements in the press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
Contact:
Jeremy W. Smeltser (Investors)
704-752-4478
E-mail: investor@spx.com
Jennifer H. Epstein (Media)
704-752-7403
E-mail: jennifer.epstein@spx.com