CHARLOTTE, N.C., May 14, 2015 /PRNewswire/ -- SPX Corporation
(NYSE: SPW) today announced that SPX FLOW, Inc. (SPX FLOW), its
newly formed subsidiary, has filed an initial Form 10 Registration
Statement with the U.S. Securities and Exchange Commission
(SEC). This filing is related to the previously announced
plan to spin-off SPX's Flow business. A copy of the initial
Form 10 is available at www.sec.gov under the name of SPX
FLOW, Inc. It can also be found in the investor
relations section of the SPX website at www.spx.com.
SPX believes the spin-off of SPX FLOW will result in the
creation of two strong, stand-alone companies with leading
positions in the markets they serve. The separation is
expected to enable the management team of each company to pursue a
more focused commercial and operational strategy aligned to the
best interests of its business, customers, suppliers, other
business partners and shareholders. Additionally, the company
expects that the spin-off will allow investors to gain a better
understanding and distinctly value the unique attributes of each of
the future separate companies.
"Filing the initial Form 10 is a significant milestone in the
process of establishing SPX FLOW as a stand-alone publicly traded
company," said Chris Kearney,
Chairman, President and Chief Executive Officer.
"We remain excited about the future prospects for SPX
Corporation and SPX FLOW, both of which we believe are
well-positioned for long-term growth with excellent talent,
high-quality products and services, and leading market positions,"
Kearney said. "The separation process remains on track and we
expect SPX FLOW to be operating independently with its shares
trading on the New York Stock Exchange around the end of the third
quarter."
Gene Lowe, future Chief Executive
Officer of SPX Corporation, said, "Following the spin-off of our
Flow business, we believe SPX Corporation will be well positioned
as a leading supplier of infrastructure equipment, with a strong
market presence in HVAC and power products, along with a very
attractive offering of highly engineered detection and measurement
technologies."
SPX intends the spin-off to be tax-free to shareholders, with
SPX FLOW common shares listed on the New York Stock Exchange under
the ticker symbol "FLOW". Following the effective date of the
spin-off, SPX Corporation will continue to trade on the New York
Stock Exchange under the new ticker symbol "SPXC".
The completion of the spin-off is subject to final approval by
the SPX Board of Directors and to certain customary conditions,
including effectiveness of appropriate filings with the SEC.
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 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. The words "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. Also, there can be no
assurance as to when the company's planned spin-off will be
completed, if at all, or if the spin-off will be completed in the
form contemplated. Even if the transaction is completed as
and on the timetable currently contemplated, the two
publicly-traded companies may not realize some of or all projected
benefits, or expenses relating to the spin-off may be significantly
higher than projected. Following completion of the spin-off,
there can be no guarantee the combined value of the common stock of
the two publicly traded companies will equal or exceed the value of
our stock had the spin-off not occurred. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spx-announces-filing-of-initial-form-10-registration-statement-for-the-expected-spin-off-of-its-flow-business-to-be-named-spx-flow-inc-300083614.html
SOURCE SPX Corporation