SPX Awarded Contract from GrainCorp Foods to Expand and Enhance Margarine Processing Plants in Australia

CHARLOTTE, N.C., July 1, 2014 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that its Flow Food and Beverage business has been awarded a contract valued at US$18 million / AUD$19 million from GrainCorp Foods.

Under the terms of the contract, SPX will design and install a new margarine processing system for GrainCorp, utilizing key process equipment and components manufactured by SPX.

"GrainCorp is Australia's leading international agribusiness company, with a rich heritage dating back nearly 100 years," said Marc Michael, President of SPX Flow Food and Beverage.  "We look forward to applying our proven track record of successfully designing and installing advanced margarine processing plants to help GrainCorp expand its capacity to produce edible oils and spreads."

The GrainCorp project calls for SPX to design and install a new processing facility, which will consist of an emulsion preparation area that feeds into four separate margarine production lines.  The automation and control system will be designed and managed by SPX's team in Denmark.  All other mechanical and electrical installations will be managed by SPX's local Australian team to ensure that the project complies with local standards.

"Combining the resources of our global network of food and beverage processing expertise with the local knowledge of our Australia-based team enables us to effectively execute the on-site management of this project," adds Michael.

Earlier this year, GrainCorp Oils announced plans to invest a total of more than US$117 million / AUD$125 million, including the cost of the new margarine processing system, in the expansion of its integrated edible oils and spreads manufacturing operations in Australia.  Specifically, the company said its investment would focus on the expansion and upgrade of its GrainCorp Oilseeds operations in Numurkah and its GrainCorp Foods facility in West Footscray, Victoria.

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 this press release 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 "believe," "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. 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