Exhibit 99.1
[GRAPHIC OMITTED: SPX LOGO]
Contact: Jeremy W. Smeltser (Investors)
704-752-4478
E-mail: investor@spx.com
Tina Betlejewski (Media)
704-752-4454
E-mail: spx@spx.com
SPX CORPORATION ANNOUNCES EXTENSION OF ITS CASH TENDER OFFERS
FOR ITS 6 1/4% SENIOR NOTES DUE 2011 AND 7 1/2% SENIOR NOTES DUE 2013
CHARLOTTE, NC - March 15, 2005 - SPX Corporation (NYSE: SPW), today
announced that it is extending its pending tender offers for its 7 1/2%
Senior Notes due 2013 (the "7 1/2% Senior Notes") and for its 6 1/4% Senior
Notes due 2011 (the "6 1/4% Senior Notes") (collectively the "Notes"). The
offer is subject to the satisfaction of certain conditions, including the
closing of the sale of SPX Corporation's Edwards Systems Technology
business (the "Edwards closing") and receipt of consents in respect of the
requisite principal amount of Notes. The offer is being extended because
the Edwards closing has not yet occurred. As of 5:00 p.m., New York City
time on March 14, 2005, approximately 63.92% of the 61/4% Senior Notes and
approximately 79.25% of the 7 1/2% Senior Notes had tendered into the offer,
which would represent receipt of the requisite consents for each of the
6 1/4% Senior Notes and the 7 1/2% Senior Notes, upon the closing of the
offer.
SPX is extending each of the tender offers for the 7 1/2% Senior Notes
and the 6 1/4% Senior Notes to 5:00 p.m., New York City time on March 18,
2005. In addition, the date by which holders of Notes needed to tender
their Notes in order to obtain the consent payment has also been extended
to March 18, 2005. Accordingly, holders who tender their Notes at or prior
to 5:00 p.m., New York City time, on March 18, 2005 will receive the total
consideration, including the consent payment, based on the applicable fixed
spread set forth in the Supplement dated February 18, 2005 (the
"Supplement") to the Offer to Purchase and Consent Solicitation Statement
dated February 4, 2005 (the "Offer to Purchase"), subject to the terms and
conditions set forth in the Offer to Purchase. In addition, the price
determination date has now been extended to 2:00 p.m., New York City time
on March 16, 2005. The terms of the tender for the 6 1/4% Senior Notes and
the 7 1/2% Senior Notes remain unchanged.
As described above, the consent solicitations and the tender offers
will expire at 5:00 p.m., New York City time, on March 18, 2005, unless
extended. The consent solicitations and tender offers were earlier
scheduled to expire at 5:00 p.m., New York City time, on March 17, 2005.
Holders who tender their Notes pursuant to the offers will be required to
consent to the proposed amendments. The purpose of the consent
solicitations is to, among other things, eliminate substantially all of the
restrictive covenants and certain of the default provisions contained in
the indenture governing the Notes.
J.P. Morgan Securities Inc. is the Lead Dealer Manager for the offers
and Lead Solicitation Agent for the consent solicitations and can be
contacted at (212) 834-3424 (collect) or (866) 834-4666 (toll free). Global
Bondholder Services Corporation is the Information Agent and can be
contacted at (212) 430-3774 (collect) or (866) 387-1500 (toll free).
SPX Corporation is a global provider of technical products and
systems, industrial products and services, flow technology, cooling
technologies and services, and service solutions. The Internet address for
SPX Corporation's home page is www.spx.com.
Certain statements in this press release 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 words "believe," "expect," "anticipate," "estimate,"
"guidance," "target" 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.
THIS COMMUNICATION IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT
INTENDED AS AN OFFER OR SOLICITATION FOR THE PURCHASE OR SALE OF ANY
FINANCIAL INSTRUMENT OR AS AN OFFICIAL CONFIRMATION OF ANY TRANSACTION. ANY
COMMENTS OR STATEMENTS MADE HEREIN DO NOT NECESSARILY REFLECT THOSE OF J.P.
MORGAN SECURITIES INC., MITSUBISHI SECURITIES (USA), INC., SCOTIA CAPITAL
(USA) INC., GLOBAL BONDHOLDER SERVICES CORPORATION, OR THEIR RESPECTIVE
SUBSIDIARIES AND AFFILIATES.
SPX Corporation shareholders are strongly advised to read the proxy
statement relating to SPX Corporation's 2005 annual meeting of shareholders
when it becomes available, as it will contain important information.
Shareholders will be able to obtain this proxy statement, any amendments or
supplements to the proxy statement and any other documents filed by SPX
Corporation with the Securities and Exchange Commission for free at the
Internet website maintained by the Securities and Exchange Commission at
www.sec.gov. In addition, SPX Corporation will mail the proxy statement to
each shareholder of record on the record date to be established for the
shareholders' meeting. Copies of the proxy statement and any amendments and
supplements to the proxy statement will also be available for free at SPX
Corporation's Internet website at www.spx.com or by writing to Investor
Relations, SPX Corporation, 13515 Ballantyne Corporate Place, Charlotte,
North Carolina 28277, telephone (704) 752-4400.
SPX Corporation, its executive officers and directors may be deemed to
be participants in the solicitation of proxies for SPX Corporation's 2005
annual meeting of shareholders. Information regarding these participants is
contained in a filing under Rule 14a-12 filed by SPX Corporation with the
Securities and Exchange Commission on March 2, 2005.
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