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SPX to Provide Dry Cooling Systems for Two Additional Power Plants in China

Posted on: Wednesday, 8 July 2009, 07:15 CDT

CHARLOTTE, N.C., July 8 /PRNewswire-FirstCall/ -- SPX Corporation (NYSE: SPW) today announced that, in June, the Chinese subsidiaries of its thermal equipment and services segment secured two contracts worth approximately $66 million to provide dry cooling systems utilizing air cooled condensers to China's YuanYangHu (Ningxia Hui Autonomous Region) and ShangDu 3 (Inner Mongolia) power plants.

Including these contracts, SPX was awarded a total of five dry cooling system contracts in China during the first half of 2009 at an average value of approximately $30 million. These contracts are consistent with China's commitment to expand its power generation capacity, which is being directly supported by the Chinese government's stimulus plan.

The YuanYangHu power plant is owned and operated by the subsidiaries of Shandong Luneng Group, a major enterprise in the power and coal mining business. The ShangDu 3 facility (also known as ZhengLan 3) is owned and operated by Northern United Power Company (NUPC), which is responsible for the power supply of Beijing Tianjin and Inner Mongolia. Previously, SPX also supplied dry cooling systems for the ZhengLan 1 and ZhengLan 2 power plants.

"Dry cooling systems enable the operation of power plants with limited use of water, which aligns strongly with the efforts and policies of Chinese authorities to conserve water resources," said Drew Ladau, SPX segment president.

The YuanYangHu and ShangDu 3 power plants are expected to be operational by the end of 2010, and the delivery of SPX's equipment to the plants is scheduled to commence in October 2009 and March 2010 respectively.

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. With these two new contracts, SPX has now been awarded a total of 51 contracts for dry cooling systems in China.

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," "scheduled" 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: PR Newswire

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