--SCHEDULE 14A TEMPLATE--
===============================================================================
                                               --------------------------------
                                               \        OMB APPROVAL          \
                                               \------------------------------\
                                          \    \  OMB Number:      3235-0059  \
 DELETE IF NOT REQUIRED  -------------------   \  Expires:  January 31, 2002  \
                                          /    \  Estimated average burden    \
                                               \  hours per response....13.12 \
                                               --------------------------------
                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                 SCHEDULE 14A

          Proxy Statement Pursuant to Section 14(a) of the Securities
                    Exchange Act of 1934 (Amendment No.  )

Filed by the Registrant [X]

Filed by a Party other than the Registrant [_]

Check the appropriate box:

[_]  Preliminary Proxy Statement

[_]  CONFIDENTIAL, FOR USE OF THE
     COMMISSION ONLY (AS PERMITTED BY
     RULE 14A-6(E)(2))

[_]  Definitive Proxy Statement

[X]  Definitive Additional Materials

[_]  Soliciting Material Pursuant to (S) 240.14a-11(c) or (S) 240.14a-12

                                 SPX Corporation
- --------------------------------------------------------------------------------
               (Name of Registrant as Specified In Its Charter)


- --------------------------------------------------------------------------------
   (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):
[X]  No fee required.

[_]  Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

     (1) Title of each class of securities to which transaction applies:

     -------------------------------------------------------------------------

     (2) Aggregate number of securities to which transaction applies:

     -------------------------------------------------------------------------

     (3) Per unit price or other underlying value of transaction computed
         pursuant to Exchange Act Rule 0-11 (set forth the amount on which
         the filing fee is calculated and state how it was determined):

     -------------------------------------------------------------------------
     (4) Proposed maximum aggregate value of transaction:

     -------------------------------------------------------------------------
     (5) Total fee paid:

     -------------------------------------------------------------------------
[_]  Fee paid previously with preliminary materials.


[_]  Check box if any part of the fee is offset as provided by Exchange
     Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
     was paid previously. Identify the previous filing by registration statement
     number, or the Form or Schedule and the date of its filing.

     (1) Amount Previously Paid:

     -------------------------------------------------------------------------

     (2) Form, Schedule or Registration Statement No.:

     -------------------------------------------------------------------------

     (3) Filing Party:

     -------------------------------------------------------------------------

     (4) Date Filed:

     -------------------------------------------------------------------------

Notes:

Reg. (S) 240.14a-101.

SEC 1913 (3-99)




April, 2002


Dear ____________________

We strongly believe that the proposal to extend the term of our Stock
Compensation Plan is in the best interest of shareholders. We urge you to vote
"Yes" on the proposal.

SPX is a company led by an aggressive leadership team focused on creating
shareholder wealth using a unique and progressive shareholder oriented
compensation system. Our plan includes options granted significantly out-of-the
money and a cash bonus plan that is uncapped both negatively and positively
based upon achievement of market based EVA improvement targets. The traditional
dilution statistic, which is widely used as a measure of shareholder cost,
significantly overstates the shareholder cost of the SPX option plan.

For example 5,300,000 of the option shares outstanding included in the
traditional dilution statistic are special out-of-the-money option grants that
provide tremendous performance and retention incentives and have little or no
net cost to shareholders. The special grants have an average exercise price
premium of 53% over the market price at the time of grant. Moreover, these
options do not vest at all for five years. The special option grants provide
tremendous incentives for shareholder wealth creation.

Since the end of 1995, when the plan was put in place and when John Blystone
joined the company, the market value of the company's equity has increased from
$227 million to $5.8 billion, $3.3 billion more than an investment in the S&P
500 for that same time period. See Table 1 below.

              Table 1 - SPX Corporation, Excess Returns since 1996
Market Share Market Value Shares Value Price if at S&P 500 Excess Share Outstanding of SPX Return on Returns equal Return Rate Returns Date Price (millions) Equity SPX Shares to S&P 500 (millions) (millions) - ------------------------------------------------------------------------------------------------------- 1995 $ 15.88 14.3 $ 227 $15.88 1996 $ 38.75 14.8 $ 574 144.1% $19.12 $ 283 $ 291 1997 $ 69.00 12.5 $ 863 78.1% $17.74 $ 222 $ 641 1998 $ 67.00 30.1 $2,017 -2.9% $51.33 $1,545 $ 472 1999 $ 80.81 31.2 $2,521 20.6% $63.08 $1,968 $ 553 2000 $108.19 30.3 $3,278 33.9% $55.54 $1,683 $1,595 2001 $136.90 40.4 $5,531 26.5% $63.03 $2,547 $2,984 2002 $142.45 40.8 $5,812 4.1% $62.50 $2,550 $3,262
The unrealized gain of $95 million on the special out-of-the-money grants at the current stock price represents only 2.9% of the total excess returns. See Table 2 and Chart 1 below. Table 2 - SPX Corporation, Shareholder Cost of Out-of-the-Money Options Granted
Out of the Money Average Average Option Gain Option Exercise Market Price Option at Current Shares Price at Grant Premium Price - --------------------------------------------------------------------------- 354,000 $ 60.00 $ 48.03 25% $ 29.2 50,000 73.38 65.31 12% $ 3.5 448,000 75.00 52.31 43% $ 30.2 448,000 90.00 52.31 72% $ 23.5 375,000 120.00 82.88 45% $ 8.4 375,000 145.00 82.88 75% $ 0.0 375,000 170.00 82.88 105% $ 0.0 375,000 195.00 82.88 135% $ 0.0 625,000 210.00 177.88 18% $ 0.0 625,000 240.00 177.88 35% $ 0.0 625,000 270.00 177.88 52% $ 0.0 625,000 300.00 177.88 69% $ 0.0 - --------------------------------------------------------------------------- 5,300,000 53% $ 95 - ------------------------------------------------------- Excess Returns - from above $ 3,262 Option Gain as a % of Excess Returns 2.9%
Chart 1 - Gain on Special Options as a % of Excess Returns Management Share of S&P 500 Excess Excess Date Returns Returns Returns ---------------------------------------- 1996 283 -- 291 1997 222 3 641 1998 1,545 2 472 1999 1,968 10 553 2000 1,683 42 1,595 2001 2,547 85 2,984 2002 2,550 95 3,262 We believe, as do our directors, that the current leadership team is largely responsible for the excess return and that the special grants have played a critical role in motivating and retaining the leadership team. Since the special grants have greatly increased shareholder wealth, they have had no net cost to shareholders. SPX is a company led by an aggressive leadership team focused on creating shareholder wealth using a unique and progressive shareholder oriented compensation system. Our compensation committee believes, as we do, that "the total compensation program" provides strong incentives to maximize shareholder value with a reasonable balance between SPX's need to retain strong senior management and the cost to the shareholders." We urge you to vote "YES" on the Stock Compensation Plan amendment. Sincerely, SPX CORPORATION SPX CORPORATION /s/ Charles A. Bowman /s/ Patrick J. O'Leary - ----------------------------- ----------------------------- Charles A. Bowman Patrick O'Leary Director of Corporate Finance Chief Financial Officer 704 -752 4452 Cell: 810-423-8948