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Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report: September 29, 1995
SPX Corporation
(Exact name of registrant as specified in charter)
Delaware 1-6948 38-1016240
(State or other (Commission (I.R.S. Employer
Jurisdiction of File Number Identification
Incorporation) Number)
700 Terrace Point Drive, Muskegon, Michigan 49443-3301
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(616) 724-5000
Item 5. Other Events
On September 29, 1995, the company completed the sale
of certain equipment leases in the lease portfolio of SPX
Credit Corporation to Textron Financial Corporation, a
wholly owned subsidiary of Textron Inc. Textron Financial
Corporation is a leading North American provider of
commerical financial services. SPX received approximately
$71 million from the transaction. In the future, SPX
customers will obtain financing through Textron Financial
Corporation. Additionally, operations of SPX Credit
Corporation were ceased effective September 29, 1995.
The company is estimating an aftertax loss of
approximately $3 million on the sale of the leases and on
its discontinuation of SPX Credit Corporation operations.
The loss will be reported during the third quarter as part
of discontinued operations and reflects transaction costs,
certain repurchase obligations to the buyer of the
portfolio, and other costs resulting from the
discontinuation of the leasing operation.
SIGNATURES
Pursuant to the requirement of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
SPX CORPORATION
(registrant)
Dated: October 11, 1995 By:
William L. Trubeck
Senior Vice President, Finance,
and Chief Financial and
Accounting Officer