CHARLOTTE, N.C., Aug. 17, 2015 /PRNewswire/ -- SPX Corporation
(NYSE: SPW) today announced members of the Boards of Directors for
both future companies, SPX Corporation and SPX FLOW, Inc.,
effective upon completion of the previously announced spin-off of
SPX FLOW, Inc., which is expected to be completed near the end of
Q3 2015.
Chris Kearney, Chairman,
President and CEO of SPX said, "Today's announcement marks another
significant milestone towards the successful completion of our
separation into two, independent publicly traded companies.
We are very pleased to have assembled a strong Board of Directors
for both future companies, comprised of exceptional leaders with
proven track records of execution and diverse professional
backgrounds."
The Company also announced today that Michael Mancuso, who has served on the SPX
Corporation Board since 2004, has informed the Company that he
plans to retire as a director of the Company as of the effective
date of the spin-off.
Contingent upon, and effective as of the completion of the
spin-off, the Board of Directors for both future companies has been
appointed as follows:
SPX Corporation:
- Patrick J. O'Leary, the former
Executive Vice President and Chief Financial Officer of SPX
Corporation who retired in August
2012, has been elected to serve as Chairman of the Board of
Directors for SPX Corporation.
- Christopher J. Kearney, who is
currently Chairman, President and CEO of SPX Corporation, has
announced his intent to step down from that role, yet will remain a
board member of SPX Corporation and also serve as Chairman,
President and CEO of SPX FLOW, Inc. upon completion of the
spin-off.
- Gene Lowe, who is currently the
President of SPX's Thermal Equipment and Services segment and will
serve as President and CEO of SPX Corporation upon completion of
the spin-off.
- Rick D. Puckett, Executive Vice
President, Chief Financial Officer and Chief Administrative Officer
of Snyder's Lance Inc.
- Tana L. Utley, Vice President of
the Large Power Systems Division at Caterpillar Inc.
Two additional members are expected to be appointed to the SPX
Corporation Board of Directors within the coming weeks and prior to
the effective date of the spin-off.
SPX FLOW, Inc.:
- Christopher J. Kearney, will
assume the role of Chairman of the Board of Directors for SPX FLOW,
Inc.
- Anne K. Altman, General Manager,
U.S. Federal and Government Industries at IBM
- Patrick D. Campbell, retired
Senior Vice President and Chief Financial Officer of 3M
Company
- Emerson U. Fullwood, retired
Corporate Vice President of Xerox Corporation
- Robert F. Hull, Chief Financial
Officer of Lowe's Companies, Inc.
- Terry S. Lisenby, retired Chief
Financial Officer, Treasurer and Executive Vice President of Nucor
Corporation
- David V. Singer, retired Chief
Executive Officer of Snyder's-Lance, Inc.
About the "NEW" SPX Corporation (remaining
company): Based in Charlotte, North Carolina, following the
spinoff of its FLOW business, the "NEW" SPX Corporation will be a
leading supplier of highly engineered HVAC products, detection and
measurement technologies and power equipment. The "NEW" SPX
Corporation is expected to have approximately $2 billion in annual revenues and approximately
6,000 employees worldwide. Following the spinoff of its FLOW
business, SPX Corporation will be listed on the New York Stock
Exchange under a new ticker symbol, "SPXC". For more
information, please visit www.spx.com.
About SPX FLOW, Inc. (spinoff company):
Based in Charlotte, North
Carolina, SPX FLOW, Inc. is a leading global supplier of
highly engineered flow components, process equipment and turn-key
systems, along with the related aftermarket parts and services,
into the food and beverage, power and energy and industrial end
markets. SPX FLOW, Inc. is expected to have approximately
$2.5 billion in annual revenues and
approximately 8,000 employees with operations in over 35 countries
and sales in over 150 countries around the world. Following
the spinoff, SPX FLOW, Inc. will be listed on the New York Stock
Exchange under the ticker symbol "FLOW". For more
information and the most recent Form 10 filing, 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 this press release 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 "believe",
"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. 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.
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SOURCE SPX Corporation