SPX Awarded Contract to Provide Infant Formula Drying System for Plant in India

CHARLOTTE, N.C., Oct. 2, 2014 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that it has been awarded a contract worth more than $10 million from a leading global producer of infant formula to expand its drying plant in India.

Under the terms of the contract, SPX will provide an infant formula spray drying system featuring an array of homogenizers, heat exchangers, pumps, valves, atomizers and air filtration equipment from SPX.  The plant is expected to produce a variety of dairy-based infant food products.

"An expanding population and middle class in India and other emerging markets is helping to drive growth in the multi-billion-dollar global baby food market," said Marc Michael, president, SPX Food and Beverage.  "We look forward to applying our deep expertise in infant formula processing to help our customer expand its production capacity and enable them to help meet India's growing demand for safe, nutritious infant formula."

The SPX spray drying system will utilize its Triple-A® spray dryer, recommended for agglomerated powders that are easy to disperse and dissolve.  Powder manufacturers are facing increasingly rigid quality demands requiring full control over powder structures and functional properties.  SPX's Triple-A® spray dryers are customizable to ensure consistent end-product quality, while also providing complete control over a plant's production run-time, yield, and operating costs.

The core SPX technology and control system will be designed and managed from SPX's global design centre in Denmark.  All other mechanical and electrical installations will be managed by SPX's local team in India to help ensure that the project complies with all local standards and is completed on time.

"SPX is well positioned to execute this project by leveraging  the resources of our global food and beverage processing network along with the local market expertise of our team on the ground in India," added Michael.

India is the fastest-growing infant nutrition market in the world, with approximately 25 million babies born in the country each year. According to published reports, India's baby food market is expected to rise from its current value of $400 million to an estimated $700 million by 2015.

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, including any relating to SPX performance under or completion of the contract, 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. 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.

Contacts:

Jennifer H. Epstein (Media)
704-752-7403
E-mail: [email protected]

Ryan Taylor (Investors)
704-752-4486
E-mail: [email protected]

SOURCE SPX Corporation