SPX Corporation to Raise $400 Million from Offering of LYONs

    MUSKEGON, Mich., Jan. 29 SPX Corporation today
announced that it intends to raise approximately $400 million through an
offering of 20-year Liquid Yield Option(TM) Notes (LYONs).  The LYONs will be
zero-coupon senior notes convertible into shares of SPX common stock if the
market price of the shares reaches specified thresholds.
    The company intends to use the net proceeds from the offering for future
acquisitions that support its growth strategy and for general corporate
purposes.
    This notice does not constitute an offer to sell or the solicitation of an
offer to buy securities.  Any offers of the securities will be made only by
means of a private offering memorandum.  The LYONs and the shares of SPX
common stock issuable upon conversion have not been, and will not be
registered under the Securities Act of 1933 or any other jurisdiction and may
not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.

    SPX Corporation is a global provider of technical products and systems,
industrial products and services, service solutions and vehicle components.

    Certain statements in this press release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended, and are
subject to the safe harbor created thereby.  These statements involve a number
of risks, uncertainties, and other factors including potential changes in
market conditions that could cause actual results to differ materially.
Please refer to the Company's filings with the Securities and Exchange
Commission for discussion of certain important factors that relate to
forward-looking statements contained in this press release.  Although the
Company believes that the expectations reflected in any such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to be correct.