SPX Contech Awarded $125 Million of New Business

CHARLOTTE, N.C., Nov. 8, 2004 -- SPX Corporation today announced that its Contech business has received two new programs from a major Tier One automotive supplier. This new business will generate revenue of approximately $125 million over five years after both programs are launched.

With these new programs, Contech will supply Rack and Pinion Steering Housings and Steering Column components for a future truck program. To produce these components, Contech will use their Enhanced High Pressure, Vacuum Assisted die-cast process and will machine complete the steering system components before delivery to the customer.

Jim Peters, President of SPX's Product Solutions Group said, "At Contech we produce more than 6 million rack and pinion housings and over 7.2 million steering column components annually. These additional programs are a natural fit and expand our presence in this product niche. We believe Contech is a leader in the production of high volume die-castings with complex configurations. Our team is skilled at designing and producing components that the die-cast industry considers to be difficult parts."

Contech, a unit of SPX Corporation, is a high quality manufacturer of aluminum and magnesium close tolerance, complex die-cast components. The technology leader with its proprietary Process 2000 casting process, Contech supplies the global motor vehicle industry with lightweight high strength components.

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 http://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 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.