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SPX Corporation
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SPX Corporation issued the following press release on March 28, 2005.
Contact: Jeremy W. Smeltser (Investors) [GRAPHIC OMITTED: SPX LOGO]
704-752-4478
E-mail: investor@spx.com
Tina Betlejewski (Media)
704-752-4454
E-mail: spx@spx.com
SPX AUTHORIZES NEW SHARE REPURCHASE PROGRAM
INTENDS TO REPURCHASE 10 MILLION SHARES OF STOCK
CHARLOTTE, NC - March 28, 2005 - SPX Corporation (NYSE:SPW) today
announced that its Board of Directors has authorized a new share repurchase
program that replaces the company's existing repurchase program and is
consistent with the December 2004 amendment to the company's senior secured
credit facility. Under the new program, if the company's Consolidated
Leverage Ratio (as defined in the credit facility) is greater than 2.50 to
1.00, the company's repurchases are limited to $250 million plus 50% of
Consolidated Net Income, as defined in the credit facility. If the
company's Consolidated Leverage Ratio is less than 2.50 to 1.00, the
company's repurchases will be unlimited, subject to the financial and other
covenants in the company's credit facility.
The new repurchase program was initiated following the closing of the
company's tender offer for its senior notes and replaces the August 27, 2003
Board authorization. The exact timing and amount of share repurchases will
be subject to market conditions and other factors.
At its investor meeting on March 3, 2005, the company announced its new
financial strategy, which includes a target gross debt to EBITDA ratio in
the range of 1.50 - 2.00 to 1.00. The company expects to reach this
leverage ratio after using a portion of the proceeds from the pending sale
of its Kendro laboratory and life sciences products business to pay down
debt. As part of its financial strategy, the company also intends to
repurchase approximately 10 million shares of its stock during 2005.
SPX Corporation is a leading global provider of thermal equipment and
services, flow technology, test and measurement solutions and industrial
products and services. For more information visit the company's web site at
www.spx.com.
Certain statements in this press release 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 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 March 16, 2005.
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