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SPX Chairman, President and Chief Executive Officer Among 200 Leading CEOs Convening at National Summit 2009

June 16, 2009

Will Share Insights on How to Best Meet America’s Energy Infrastructure Challenges at Gathering of Business, Labor, Government and Academic Leaders

DETROIT and CHARLOTTE, N.C., June 16 /PRNewswire-FirstCall/ — SPX Corporation (NYSE: SPW) today announced that its Chairman, President and Chief Executive Officer, Christopher J. Kearney, is scheduled to take part in a Town Hall panel discussion focused on the challenges of America’s aging energy infrastructure.

Mr. Kearney’s panel entitled “A Realistic Assessment of Reliable Electricity Supply” is to take place today at 9:30 a.m. Eastern Time at The National Summit 2009 in Detroit, Michigan. Convened by the Detroit Economic Club, The National Summit (www.NationalSummit.org) is a three-day gathering of the country’s top business leaders, government officials and academic experts aimed at advancing a national economic agenda.

“The modernization of our nation’s ailing, antiquated electrical grid is of critical importance, if America wants to maintain its competitive edge,” notes Mr. Kearney. “Losses on our overburdened transmission lines have nearly doubled since 1970, contributing to the waste of 10% of all the electricity we generate and a financial hit to our economy of between $25 billion and $180 billion a year. Most of our generation facilities are 30 years of age or older, and their average efficiency remains roughly 33% — the same level as half a century ago. These declines are taking place at the same time that many expect the demand for energy to rise exponentially.”

“As potentially attractive as renewable sources of energy may be, we simply cannot afford to limit our growth to just these areas,” adds Mr. Kearney. “Solar and wind are promising technologies, but they account for such a small percentage of our energy supply that even their dramatic expansion will only make a small dent in our looming energy deficit. We must also continue to build and expand larger-scale facilities in this country, including nuclear power, if we hold any hope of achieving the energy reserves needed to continue competing in the world economy.”

Meeting the Rising Global Demand for Power and Energy

SPX serves the global power and energy markets with innovative technologies and products used in the construction of new, more efficient power plants and the modernization and maintenance of older, existing facilities.

SPX is a leading provider of dry, wet and hybrid cooling systems, heat exchangers, air and flue gas systems and filter systems, utilized by thousands of power stations and plants in more than 60 countries across six continents. The company’s flow solutions, which include valves, pumps and filtration products, have been applied to most forms of power generation, including coal, natural gas, nuclear power and waste to energy.

SPX is also a leading manufacturer of medium power transformers serving public and private utility companies and independent power producers.

SPX is committed to developing innovative, environmentally sound products to support its customers’ evolving global needs. For example, SPX recently introduced its ClearSky(TM) Plume Abatement System – an efficient, affordable way for power plants to reduce water vapor plumes, thereby improving performance while limiting environmental and community impact.

The patented ClearSky(TM) system is designed to reduce the water vapor plumes produced by wet cooling towers, thereby addressing a range of issues, including environmental impact, water conservation and community relations. Offered as a new installation or as a retrofit to an existing cooling tower application, the ClearSky(TM) system is designed to significantly reduce water vapor plumes and save 10% to 30% of water used annually by a traditional large cooling tower. This can translate into millions of gallons of water each year.

About SPX

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 approximately 17,000 people worldwide in over 40 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,” “promises” 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.

SOURCE SPX Corporation


Source: newswire



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