SPX to Demonstrate Long-Term Commitment to China Market With Announcement of New $40 Million Manufacturing Campus to be Constructed Near Shanghai

SHANGHAI, Nov. 16, 2010 /PRNewswire/ -- SPX Corporation today reiterated its long-term commitment to China and the Asia-Pacific region with an official ground-breaking ceremony marking the start of construction of its new 53-acre China manufacturing campus, which is being built in the FOHO Economic Development Zone.
The planned campus represents a $40 million investment by SPX over the next three years to support the company's business expansion in China and facilitate product localization efforts serving both China and global markets.  The campus is intended to provide integrated services for all aspects of SPX business activities in key growth areas: global infrastructure, process equipment and diagnostic tools. In addition to manufacturing, the planned campus will house facilities dedicated to research and development, logistics and customer service functions.
"SPX continues to see significant demand for its products and services in China and the Asia-Pacific region," said SPX Asia-Pacific President Bob Foreman during a ground-breaking ceremony at the site. "This new state-of-the-art manufacturing campus underscores our long-term commitment to growing SPX's presence in China and the broader region. It will strengthen the support we provide to our customers in China, foster greater collaboration across all of our businesses, enhance our products and services and further develop the skills of our nearly 3,000 employees in China.
"More importantly, we believe our increased emphasis on product localization and business consolidation will enable us to further elevate the quality of our services through closer collaboration with our Chinese customers," Foreman added.
Completion of the first phase of the facility is anticipated by the end of 2011. About 1,000 SPX employees are expected to work at the new campus.  The planned campus will include facilities to provide employee training and development opportunities, and serve as an incubator of future leaders in the region. These facilities are also planned to accommodate the education needs of customers and suppliers.
SPX has been in China since 1994 and provides products and services to support China's growing energy infrastructure and is involved in many highly complex engineering solutions in China. SPX has been awarded more than 55 dry cooling projects in China since 2002, representing more than 40 GW of power generation capacity.  The company has also contracted with Westinghouse Electric Co. to provide highly specialized squib valves to four AP 1000 nuclear plants being built in Sanmen and Haiyang.  Two of the new plants are being constructed by Sanmen Nuclear Power Company Ltd. and the other two by Shandong Nuclear Power Company Ltd.  
SPX also offers food and beverage systems to meet the increasing demand for high quality processing solutions for China's rapidly expanding food industry. And the company has taken strategic steps to enhance its portfolio of highly-engineered diagnostic tools and custom services for China's growing automotive industry.More at:
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New Report: Growing Water Scarcity in U.S. is 'Hidden' Financial Risk for Investors Owning Utility Bonds

BOSTON, Oct. 21 /PRNewswire-USNewswire/ -- Growing water scarcity in many parts of the United States is a hidden financial risk for investors who buy the water and electric utility bonds that finance much of the country's vast water and power infrastructure, according to a first-ever report on the issue released today by Ceres and Water Asset Management.
The report, The Ripple Effect: Water Risk in the Municipal Bond Market, evaluates and ranks water scarcity risks for public water and power utilities in some of the country's most water-stressed regions, including Los Angeles, Phoenix, Dallas and Atlanta. The report shows that some of the nation's largest public utilities may face moderate to severe water supply shortfalls in the coming years, yet these risks are not reflected in the pricing or disclosure of bonds that public utilities rely on to finance their infrastructure projects. There are about 50,000 public water utilities in this country serving an estimated 258 million Americans. The electric power sector is enormously water-intensive – it accounts for 41 percent of the nation's freshwater withdrawals.
"Water scarcity is a growing risk to many public utilities across the country and investors owning utility bonds don't even know it," said Mindy Lubber, president of Ceres, which authored the report.  "Utilities rely on water to repay their bond debts. If water supplies run short, utility revenues potentially fall, which means less money to pay off their bonds. Our report makes clear that this risk scenario is a distinct possibility for utilities in water-stressed regions and bond investors should be aware of it."

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