SPX Announces Filing of Initial Form 10 Registration Statement for the Expected Spin-Off of its Flow Business, to be Named SPX FLOW, Inc.

CHARLOTTE, N.C., May 14, 2015 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that SPX FLOW, Inc. (SPX FLOW), its newly formed subsidiary, has filed an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC).  This filing is related to the previously announced plan to spin-off SPX's Flow business.  A copy of the initial Form 10 is available at www.sec.gov under the name of SPX FLOW, Inc.   It can also be found in the investor relations section of the SPX website at www.spx.com.

SPX believes the spin-off of SPX FLOW will result in the creation of two strong, stand-alone companies with leading positions in the markets they serve.  The separation is expected to enable the management team of each company to pursue a more focused commercial and operational strategy aligned to the best interests of its business, customers, suppliers, other business partners and shareholders.  Additionally, the company expects that the spin-off will allow investors to gain a better understanding and distinctly value the unique attributes of each of the future separate companies.

"Filing the initial Form 10 is a significant milestone in the process of establishing SPX FLOW as a stand-alone publicly traded company," said Chris Kearney, Chairman, President and Chief Executive Officer.

"We remain excited about the future prospects for SPX Corporation and SPX FLOW, both of which we believe are well-positioned for long-term growth with excellent talent, high-quality products and services, and leading market positions," Kearney said.  "The separation process remains on track and we expect SPX FLOW to be operating independently with its shares trading on the New York Stock Exchange around the end of the third quarter."

Gene Lowe, future Chief Executive Officer of SPX Corporation, said, "Following the spin-off of our Flow business, we believe SPX Corporation will be well positioned as a leading supplier of infrastructure equipment, with a strong market presence in HVAC and power products, along with a very attractive offering of highly engineered detection and measurement technologies."

SPX intends the spin-off to be tax-free to shareholders, with SPX FLOW common shares listed on the New York Stock Exchange under the ticker symbol "FLOW".  Following the effective date of the spin-off, SPX Corporation will continue to trade on the New York Stock Exchange under the new ticker symbol "SPXC".

The completion of the spin-off is subject to final approval by the SPX Board of Directors and to certain customary conditions, including effectiveness of appropriate filings with the SEC.

About SPX

Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global, multi-industry manufacturing leader with approximately $5 billion in annual revenue, operations in more than 35 countries and over 14,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in flow technology and energy infrastructure. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity and processed foods and beverages, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, critical flow components for oil and gas processing, power transformers for utility companies, and cooling systems for power plants. For more information, please visit www.spx.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. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. 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 "expect," "anticipate," "project" 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.  Also, there can be no assurance as to when the company's planned spin-off will be completed, if at all, or if the spin-off will be completed in the form contemplated.  Even if the transaction is completed as and on the timetable currently contemplated, the two publicly-traded companies may not realize some of or all projected benefits, or expenses relating to the spin-off may be significantly higher than projected.  Following completion of the spin-off, there can be no guarantee the combined value of the common stock of the two publicly traded companies will equal or exceed the value of our stock had the spin-off not occurred. Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.

SOURCE SPX Corporation

Related Links

http://www.spx.com