SPX Reduces Debt and Completes Previously Announced Share Repurchase Plan

  SPX Reduces Debt and Completes Previously Announced Share Repurchase Plan

Plans to Report Q4 2012 Results and Issue 2013 Guidance on February 14

PR Newswire

CHARLOTTE, N.C., Jan. 9, 2013

CHARLOTTE, N.C., Jan. 9, 2013 /PRNewswire/ -- SPX Corporation (NYSE: SPW)
today announced that it reduced its total debt by approximately $450 million
during the fourth quarter. In addition, SPX recently completed the $350
million share repurchase plan it entered into in early 2012. These actions
are consistent with the previously communicated capital allocation plans for
the use of approximately $1.15 billion of proceeds from the sale of Service
Solutions which was completed on December 3, 2012.

Debt Reduction
After receiving the proceeds from the sale of Service Solutions, SPX reduced
its total debt by approximately $450 million. This included the repayment of
its $300 million Term Loan X and a $25 million partial repayment of its Term
Loan A. SPX ended 2012 with approximately $1.7 billion of total debt and $700
million of net debt. The company now has no significant debt repayment
obligations until Q4 2014.

Share Repurchase Plan
In the first quarter of 2012, SPX entered into a 10b5-1 share repurchase plan
to facilitate the repurchase of $350 million of its stock. Phase I of this
share repurchase plan was completed in Q2 2012 and totaled $75 million or 1
million shares.

Shortly after receiving the proceeds from the sale of Service Solutions, Phase
II of the company's 10b5-1 share repurchase plan began trading. Under Phase
II, SPX completed repurchases of $275 million or 4.1 million shares.

In total, the company repurchased 5.1 million shares under this plan or
approximately 10 percent of its shares outstanding.

Investor Meeting for Q4 2012 Earnings and 2013 Guidance
SPX also announced today that it will meet with investors on Thursday,
February 14, 2013, at 8 a.m. Eastern Time to present the company's Q4 and full
year 2012 results, issue financial guidance for 2013 and also provide its
capital allocation expectations for this year. The meeting will last
approximately 90 minutes and will feature remarks by Chris Kearney, Chairman,
President and CEO, and Jeremy Smeltser, Vice President and Chief Financial

The meeting will take place in Charlotte, N.C. Those who wish to attend the
meeting in person are required to register by clicking on the link below and
following the instructions.

SPX 2013 Annual Investor Meeting Registration

The meeting will also be webcast. A link to the webcast and the printable file
of the slide presentation will be available in the Investor Relations section
of the company's website at www.spx.com. A replay of the webcast will be
available until Thursday, March 14, 2013.

If you would like to listen to the live meeting, call 866-510-0710 (from
outside the United States: +1 617-597-5378). Use participant code: 99805695.

About SPX
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 15,000 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 key products include food processing systems
for the food and beverage industry, reciprocating pumps used in oil & gas
processing, power transformers used by utility companies, and cooling systems
for power plants. For more information, please visit www.spx.com.

SOURCE SPX Corporation

Website: http://www.spx.com
Contact: Ryan Taylor (Investors), +1-704-752-4486, investor@spx.com; or
Jennifer H. Epstein (Media), +1-704-752-7403, jennifer.epstein@spx.com
Press spacebar to pause and continue. Press esc to stop.