Equipment Will Support Renewable Power Generation Process
CHARLOTTE, N.C., June 3 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that its thermal equipment and services
business has agreed to supply critical components worth approximately $100
million to Orkuveita Reykjavikur (OR), an Iceland utility. The announcement
was made at a formal ceremony at the Hellisheidi geothermal power plant in
Iceland on Friday, May 30, 2008.
"Our products will help create one of the most modern and efficient
geothermal facilities in the world," said Drew Ladau, President of SPX
Thermal Equipment and Services. "Iceland is a world leader in geothermal
power generation and we're pleased to play a role in helping build their
energy infrastructure."
The SPX components are slated for OR's five planned geothermal power
plants to be built at the base of Hengill volcano in Iceland. Under the
terms of the contract, SPX will supply a complete cold-end solution for the
plants, which includes engineering, design, manufacturing, and installation
of a steam condensing system utilizing multiple SPX heat exchangers.
The new geothermal power plants, which use hot steam from within the
earth to produce electricity, are anticipated to begin operation in
2010-2011 and have a total output of 225 MW. "We are pleased to support OR
in the expansion of their geothermal power generation," Ladau added. "With
growing global pressure to increase generation from renewable sources, SPX
is continuing its tradition of supplying optimized solutions for these
severe duty applications."
SPX executives were present for the ceremony along with Iceland's
President, Olafur Ragnar Grimsson and the German ambassador in Iceland, Dr.
Karl-Ulrich Muller.
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 environmentally friendly 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 more than
17,000 people worldwide in over 35 countries. Visit http://www.spx.com . (NYSE:
SPW)
Certain statements in this press release are 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 read
these results in conjunction with the company's documents filed with the
Securities and Exchange Commission, including the company's annual report
on Form 10-K for the year ended December 31, 2007. These filings identify
important risk factors and other uncertainties that could cause actual
results to differ from those contained in the forward-looking statements.
Actual results may differ materially from these statements. The words
"slated," "anticipated" 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. In addition, estimates of
future operating results are based on the company's current complement of
businesses, which is subject to change.
SOURCE SPX Corporation
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Related links:
http://www.spx.com
CONTACT:
Investors, Jeremy W. Smeltser,
+1-704-752-4478, investor@spx.com, or Media, Jennifer H. Epstein,
+1-704-752-7403, jennifer.epstein@spx.com, both of SPX
Corporation
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