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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): December 28, 1998
SPX Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-6948 38-1016240
(State of incorporation) (Commission File Number) (IRS Employer
Identification No.)
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
SPX Corporation announced it will take approximately a $210 to $250
million pretax fourth quarter 1998 charge to restructure the former General
Signal operations, to close the General Signal headquarters facility, and for
other items.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit 99 Press Release, dated December 28, 1998, issued
by SPX Corporation.
SIGNATURES
Pursuant to the requirements 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)
By: /s/Christopher J. Kearney
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Christopher J. Kearney
Vice President, Secretary
and General Counsel
Date: January 6, 1999
NEWS RELEASE SPX Corporation
SPX Corporation
700 Terrace Point Drive
PO Box 3301
Contact: Charles A. Bowman Muskegon, MI 49443-3301 USA
800-727-1779 Phone 616-724-5000
E-mail: investor@spx.com Fax 616-724-5302
SPX CORPORATION ANNOUNCES RESTRUCTURING CHARGE
MUSKEGON, MI - December 28, 1998 - SPX Corporation (NYSE: SPW)
today announced it will take approximately a $210 to $250 million pretax
fourth quarter 1998 charge to restructure the former General Signal
operations, to close the General Signal headquarters facility, and for
other items. The company expects that approximately $20 million of
incremental costs associated with these restructuring actions will be
incurred in 1999. Components of the charge include:
1. RESTRUCTURING OF FORMER GENERAL SIGNAL OPERATIONS:
* The company will close approximately 25 manufacturing, sales and
administrative locations.
* These facility closings, an early retirement program, and other
actions will result in a workforce reduction of approximately
1000 employees over the next six months.
2. CLOSURE OF GENERAL SIGNAL HEADQUARTERS:
* The closure of the former General Signal headquarters in
Stamford, Connecticut is substantially complete.
3. ADDITIONAL CHARGES:
* SPX is assessing certain other matters that will likely result in
one-time charges in the fourth quarter of 1998.
* The charges include costs related to certain asset valuations,
in-process technology, and potential environmental costs arising
from the merger with General Signal.
Commenting on today's announcement, John B. Blystone, Chairman,
President and Chief Executive Officer said, "With the anticipated savings
from these restructuring actions, which mitigate the current economic trends
in our global markets, we remain confident in our 1999 earnings guidance of
$4.85 per share, excluding any special charges."
SPX Corporation is a global provider of industrial products and
services, technical products and systems, service solutions and vehicle
components. The Internet address for SPX Corporation's home page is
www.spx.com.
Statements in this press announcement that are not strictly
historical are "forward-looking" statements within the meaning of the Safe
Harbor provisions of the federal securities laws. Investors are cautioned
that such statements are solely predictions and speak only as of the date
of this release. Actual results may differ materially due to risks and
uncertainties that are described in the Company's Form 10-K for 1997, the
Company's Registration Statement (Form S-4), and the Company's 1998 Third
Quarter Form 10-Q.
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