CHARLOTTE, N.C., Dec. 10, 2015 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW) today announced that its Food and Beverage business has been awarded contracts worth approximately $30 million combined by two leading Chinese dairy companies in the fourth quarter of 2015.
One contract, awarded from Siping Junlebao Dairy Co., Ltd., calls for SPX FLOW to help establish a new milk processing plant in northern China to produce a variety of yogurts and milk-based beverages.
The completed facility will feature an array of SPX FLOW fluid handling components and process technologies including milk separators, homogenizers, agitators, vacuum mixing systems, valves, pumps and heat exchangers, enabling efficient production of high quality yogurts.
"We look forward to working closely with Junlebao's team to establish this state-of-the-art dairy plant producing nutritious and tasty yogurts enabling their continued market growth," said Marc Michael, who was recently named SPX FLOW President and CEO, effective January 1, 2016.
Work on the project will commence immediately and it is anticipated the new plant will begin operating in 2017.
The other contracts, awarded by one of the largest national Chinese dairy companies, call for SPX FLOW to help significantly expand capacity at existing milk processing plants, increasing production volumes of yogurts and milk-based beverages.
"Consumption rate of yogurts and other nutritional dairy products in China continues to provide SPX FLOW the opportunity to help our customers install modern and efficient production facilities," added Michael. "Consumers want an increasing variety of yogurt types, and SPX FLOW's process technology portfolio offers our customers the potential to invest in one optimized processing plant capable of producing many product types, enabling fast and cost effective response to daily changes in demand. We continue to leverage our global fresh and fermented dairy processing expertise to expand our install base in China."
About SPX FLOW, Inc.: Based in Charlotte, North Carolina, SPX FLOW is a leading global supplier of highly engineered flow components, process equipment and turn-key systems, along with the related aftermarket parts and services, into the food and beverage, power and energy and industrial end markets. SPX FLOW has approximately $2.5 billion in annual revenues and approximately 8,000 employees with operations in over 35 countries and sales in over 150 countries around the world. To learn more about SPX FLOW, please visit our website at www.spxflow.com.
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. The words "believe," "expect," "intends", "anticipate," "plan" 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. Please read this press release in conjunction with the company's documents filed with the Securities and Exchange Commission. 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. Statements in this press release speak only as of the date of this press release, and SPX FLOW disclaims any responsibility to update or revise such statements.
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