EX-99.1
2
a05-5896_1ex99d1.htm
EX-99.1
Exhibit 99.1
NEWS RELEASE
[GRAPHIC OMITTED: SPX LOGO]
Contact:
Jeremy W. Smeltser (Investors)
704-752-4478
E-mail:
investor@spx.com
Tina
Betlejewski (Media)
704-752-4454
E-mail:
spx@spx.com
SPX COMPLETES SALE
OF EDWARDS SYSTEMS TECHNOLOGY
CHARLOTTE, NC - March 23, 2005 - SPX Corporation
(NYSE: SPW) announced today that it has completed the sale of its fire
detection and building life-safety systems business Edwards Systems Technology
("EST") to General Electric (NYSE:GE) for $1.395 billion in cash. SPX intends to use the net proceeds from the
transaction to pay down debt and repurchase equity.
As previously announced, completing the sale of EST is a
condition to closing the company's outstanding cash tender offer for its senior
notes. The tender offer will close
promptly after the completion of the EST sale.
In addition, closing of the cash tender offer for the company's senior
notes will eliminate substantially all of the restrictive covenants and certain
of the default provisions contained in the indenture governing the senior
notes, including the covenant that limits restricted payments.
Chris Kearney, President and Chief Executive Officer, said,
"Completing the sale of EST is the second of three key transactions in our
previously announced divestiture program.
The proceeds from these transactions will strengthen our balance sheet,
provide the base for our recapitalization plan and create an even more stable
financial environment to continue improving our existing operations".
SPX Corporation is a leading global provider of thermal
equipment and services, flow technology, test and measurement solutions and
industrial products and services. For
more information visit the company's web site at www.spx.com.
Certain statements in this press release 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.
SPX Corporation shareholders are strongly advised to read
the proxy statement relating to SPX Corporation's 2005 annual meeting of
shareholders when it becomes available, as it will contain important
information. Shareholders will be able
to obtain this proxy statement, any amendments or supplements to the proxy
statement and any other documents filed by SPX Corporation with the Securities
and Exchange Commission for free at the Internet website maintained by the
Securities and Exchange Commission at www.sec.gov. In addition, SPX Corporation will mail the proxy
statement to each shareholder of record on the record date to be established
for the shareholders' meeting. Copies of
the proxy statement and any amendments and supplements to the proxy statement
will also be available for free at SPX Corporation's Internet website at
www.spx.com or by writing to Investor Relations, SPX Corporation, 13515
Ballantyne Corporate Place, Charlotte, North Carolina 28277, telephone (704)
752-4400.
SPX Corporation, its executive officers and directors may
be deemed to be participants in the solicitation of proxies for SPX Corporation's
2005 annual meeting of shareholders. Information regarding these participants
is contained in a filing under Rule 14a-12 filed by SPX Corporation with the
Securities and Exchange Commission on March 16, 2005.
# # #

EX - 99 . 1 2 a05 - 5896 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 NEWS RELEASE [ GRAPHIC OMITTED : SPX LOGO ] Contact : Jeremy W . Smeltser ( Investors ) 704 - 752 - 4478 E - mail : investor@spx.com Tina Betlejewski ( Media ) 704 - 752 - 4454 E - mail : spx@spx.com SPX COMPLETES SALE OF EDWARDS SYSTEMS TECHNOLOGY CHARLOTTE , NC - March 23 , 2005 - SPX Corporation ( NYSE : SPW ) announced today that it has completed the sale of its fire detection and building life - safety systems business Edwards Systems Technology ( " EST " ) to General Electric ( NYSE : GE ) for $ 1.395 billion in cash . SPX intends to use the net proceeds from the transaction to pay down debt and repurchase equity . As previously announced , completing the sale of EST is a condition to closing the company 's outstanding cash tender offer for its senior notes . The tender offer will close promptly after the completion of the EST sale . In addition , closing of the cash tender offer for the company ' s senior notes will eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the indenture governing the senior notes , including the covenant that limits restricted payments . Chris Kearney , President and Chief Executive Officer , said , " Completing the sale of EST is the second of three key transactions in our previously announced divestiture program . The proceeds from these transactions will strengthen our balance sheet , provide the base for our recapitalization plan and create an even more stable financial environment to continue improving our existing operations " . SPX Corporation is a leading global provider of thermal equipment and services , flow technology , test and measurement solutions and industrial products and services . For more information visit the company 's web site at www.spx.com . Certain statements in this press release 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 . SPX Corporation shareholders are strongly advised to read the proxy statement relating to SPX Corporation 's 2005 annual meeting of shareholders when it becomes available , as it will contain important information . Shareholders will be able to obtain this proxy statement , any amendments or supplements to the proxy statement and any other documents filed by SPX Corporation with the Securities and Exchange Commission for free at the Internet website maintained by the Securities and Exchange Commission at www.sec.gov . In addition , SPX Corporation will mail the proxy statement to each shareholder of record on the record date to be established for the shareholders ' meeting . Copies of the proxy statement and any amendments and supplements to the proxy statement will also be available for free at SPX Corporation 's Internet website at www.spx.com or by writing to Investor Relations , SPX Corporation , 13515 Ballantyne Corporate Place , Charlotte , North Carolina 28277 , telephone ( 704 ) 752 - 4400 . SPX Corporation , its executive officers and directors may be deemed to be participants in the solicitation of proxies for SPX Corporation 's 2005 annual meeting of shareholders . Information regarding these participants is contained in a filing under Rule 14a - 12 filed by SPX Corporation with the Securities and Exchange Commission on March 16 , 2005 . # # #