CHARLOTTE, N.C., April 12, 2012 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today unveiled the significantly expanded SPX Transformer Solutions, Inc. manufacturing facility in Waukesha, Wisconsin at a special event for its top customers and local government officials who supported the project. The grand opening celebration at the facility featured remarks from SPX Chairman, President and CEO Chris Kearney, SPX Transformer Solutions President Thom Farrell, Waukesha Mayor Jeff Scrima and Waukesha County Executive Dan Vrakas, among others.
SPX is one of the largest manufacturers of power transformers in the United States and offers one of the broadest array of power transformers of any domestic manufacturer in business today. The SPX Transformer Solutions facility was expanded approximately 50 percent in order to increase SPX's capacity to manufacture large power units for the North American power grid. Initiated in 2010 at a total cost of approximately $70 million, the expansion created more than 200 construction, engineering and skilled manufacturing jobs in Waukesha and the surrounding community.
"The expansion of our SPX Transformer Solutions facility in Waukesha is an important milestone and underscores our long-term commitment to manufacturing medium and large power transformers for our valued power transmission and distribution customers throughout North America," said Kearney. "By expanding our facility, we have significantly increased our capacity to produce the transformers that we believe will be an essential component of addressing America's rapidly aging power grid infrastructure. We are especially grateful to the State of Wisconsin, Waukesha County and the City of Waukesha, as well as the federal government, for their invaluable support of this expansion project, which has already contributed to the local economy by creating more than 200 jobs."
With a total of 432,000 square feet and additional crane capacity now up to 500 tons, SPX's larger, facility extends SPX's capacity to manufacture the medium and large power transformers utilized by electric utilities, independent power producers and independent transmission operators.
"Many of the transformers currently installed in the North American power grid are either at or near the end of their service lifetime, so there's a compelling need to replace them to avoid potential power disruptions," explained Farrell. "Demand for new, more efficient transformers is growing and we believe the positive order trends we've seen over the past year are an early indication that a new investment cycle may be underway as a result of the aging transformer issue. Our new manufacturing capacity will help ensure that SPX will be well positioned to meet future demand for new transformers."
With more than 800 employees nationwide, SPX Transformer Solutions, Inc. is one of the largest manufacturers of power transformers in the United States and a valued supplier of complete transformer service solutions, comprehensive maintenance training, and transformer, load tap changer and oil circuit breaker components.
Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global Fortune 500 multi-industry manufacturing leader with over $5 billion in annual revenue, operations in more than 35 countries and over 18,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in three areas: Flow Technology, infrastructure, and vehicle service solutions. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity, processed foods and beverages and vehicle services, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, power transformers for utility companies, cooling systems for power plants; and diagnostic tools and equipment for the automotive industry. This description of SPX does not contemplate the pending sale of the Service Solutions business. For more information, please visit http://www.spx.com/.
Certain statements in this press release, including any statements relations to future results of operations, 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 word "expect," "believe" and similar expressions may 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. Statements in the 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