SHANGHAI, China, Oct. 18 /PRNewswire-FirstCall/ -- Christopher J.
Kearney, Chairman, President and Chief Executive Officer of SPX Corporation
(NYSE: SPW) visited Shanghai this week to express his company's strong
commitment to China and its plans to further expand business in China and
the Asia Pacific Region.
SPX is a multi-industry manufacturing leader focused on providing
advanced solutions for global infrastructure development. Headquartered in
Charlotte, North Carolina, SPX is strategically expanding its presence in
emerging markets with particular emphasis on the growing demand for energy
and power. After operating in China for 16 years, SPX set up its Asia
Pacific Center in Shanghai earlier this year to further accelerate its
business growth and technical development in China.
"We have made a strong commitment to the Chinese market," said Chris
Kearney during a press briefing in Shanghai. "With enormous growth in the
last few years, SPX is now running 12 plants, 18 project sites and sales
and sourcing operations with about 3,000 employees across China. The
establishment of our Asia Pacific Center in Shanghai demonstrates our focus
on China as a business and innovation hub for global infrastructure
development. The Center also features the first global R&D facility of SPX,
which underscores our investment in China's technological advancement
through local research, talent procurement, training and
knowledge-sharing."
SPX's businesses have a strong global presence, operating under many
top industrial brands such as Marley, PowerTeam, Waukesha, Balcke-Durr and
Lightnin. In China, SPX provides high quality innovative solutions for Flow
Technology, Test and Measurement, Thermal Equipment and Services, and
Industrial Products and Services. In 2006, SPX in China achieved revenues
of US$380 million, with a compounded annual growth rate of 35% since 2004.
Currently, China represents nearly 10% of the total worldwide revenue of
SPX, and its employee workforce is 20% of the company's international base.
SPX is involved in a number of important infrastructure projects in
China. Just two months ago, SPX announced that its process equipment
business received a contract from Westinghouse Electric Co. to design and
engineer valves for four new nuclear power plants in China, to meet the
challenge of growing demand for energy in the country. Construction on the
four plants, scheduled to be built in Sanmen in the Zhejiang province and
Haiyang in the Shandong province, is expected to begin in 2009. The first
unit is expected to be operational in late 2013. SPX also received an
agreement from China's State Nuclear Power Technology Corporation (SNPTC)
to provide training and technical expertise for these plants. These two
contracts are valued at approximately $13 million.
"We are very pleased to play an important role in helping address
energy issues in China," said Chris Kearney. "We are ready to meet these
needs with highly engineered solutions supporting the expansion of China's
infrastructure, including the growing demand for energy and power."
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 and environmentally friendly
product portfolio includes cooling systems for all types of power plants
throughout the world; custom engineered pumps, valves and mixers that
assist a variety of flow processes including oil and gas exploration,
distribution and refinement; 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 over
14,000 people worldwide in over 20 countries. Visit http://www.spx.com. (NYSE:
SPW).
Certain statements in this press release, including any statements as
to future results of operations or market opportunities, 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 words "believe," "expect,"
"anticipate," "estimate," "guidance," "target" 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.
SOURCE SPX Corporation
 back to top
Related links:
http://www.spx.com
CONTACT:
Investors, Jeremy W. Smeltser,
+1-704-752-4478, investor@spx.com; or Media, Jennifer H. Epstein,
+1-704-804-3717 Cell, jennifer.epstein@spx.com
|
