Company to Provide Feedwater Heaters and Air-Cooled Condensers to Planned
Major Power Stations
CHARLOTTE, N.C., June 24 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that its thermal equipment and services
subsidiary has been awarded contracts totaling more than $500 million by
Alstom, a world leader in energy infrastructure, to provide equipment for
planned power stations in South Africa.
"South Africa's economic growth has created increased demand for
electric power. Our innovative products can help build the country's energy
infrastructure for the future, and at the same time conserve natural
resources," said Chris Kearney, Chairman, President and CEO of SPX.
SPX has agreed to provide Balcke Durr branded feedwater heaters for the
six coal-fired boilers at the planned 4,788 megawatt Medupi power station,
owned by state-owned utility Eskom. Medupi will be the first major
coal-fired power plant to be built in the country in 20 years. It will be
located near Lephalale, in the Limpopo province. Eskom expects the power
station to begin supplying power to the national grid in 2011.
The company has also agreed to provide feedwater heaters and air-cooled
condensers for Eskom's Project Bravo, a 4,740 megawatt coal-fired power
station to be constructed in Mpumalanga province, east of Johannesburg,
South Africa. This power station is designed to consume significantly less
water than a conventional coal-fired power plant. SPX's air-cooled
condensers are designed to minimize the plant's water usage. Eskom expects
the first generating unit at the Bravo station to be completed late in
2013.
"Combined with our existing backlog, we now have more than $700 million
in contracted business in South Africa's growing economy. We continue to
expand our capabilities and presence in order to support the country's
long-range infrastructure growth requirements," said Drew Ladau, President
of SPX Thermal Equipment and Services.
SPX established its manufacturing presence in Nigel, South Africa, in
1970. The company plans to expand its manufacturing capacity at Nigel by
approximately 100,000 square feet this year.
SPX's South African subsidiary, DBT Technologies (Pty) Ltd, the
recipient of these contract awards, has a local BEE (Black Economic
Empowerment) minority shareholder (owning 25.1%), complying with Eskom's
BEE procurement requirements on these power generation projects.
Alstom is a global leader in the world of power generation and rail
infrastructure and sets the benchmark for innovative and environmentally
friendly technologies. Alstom builds the fastest train and the highest
capacity automated metro in the world, and provides turnkey integrated
power plant solutions and associated services for a wide variety of energy
sources, including hydro, nuclear, gas, coal and wind. The Group employs
more than 76,000 people in 70 countries, and had orders of euro 23.5
billion in 2007/08.
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
"believe," "expect," "plan," "designed" 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:
Jeremy W. Smeltser (Investors),
+1-704-752-4478, investor@spx.com, or Jennifer H. Epstein
(Media), +1-704-752-7403, jennifer.epstein@spx.com, both of SPX
Corporation
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