CHARLOTTE, N.C., July 30 /PRNewswire-FirstCall/ -- SPX Corporation today announced its Kayex business was awarded a contract to design and manufacture state-of-the-art crystal growing equipment to support the rapid growth of the silicon-based solar energy market. The contract is with NorSun AS, a producer of mono crystalline ingots and wafers for the international solar industry. NorSun is headquartered in Oslo, Norway.
John Way, a division president of SPX, said, "SPX is focused on helping to build global infrastructure. The growth in the solar energy market allows SPX additional opportunities to provide energy solutions for our customers. We are pleased to help NorSun become a significant manufacturer of solar materials by using our expertise and technology."
The contract is valued at $40 million. Shipment of equipment is scheduled to begin in the third quarter of 2007.
Way said this contract further strengthens the position of Kayex as a major global provider of mono crystalline equipment. Kayex's technology grows polysilicon into crystal ingots that are the base material for producing solar cells. These new crystal growing machines will primarily be installed in NorSun's new solar wafer facility in Ardal, Norway. Once fully operational this facility will be among the largest of its kind in the world.
"Norway is fast becoming a center for excellence in solar production," Way added.
Kayex, a business unit of SPX Corporation, is a leading provider of crystal growing technology to the solar and semiconductor industries. Based in Rochester, New York, Kayex has solar equipment installations around the world.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many environmentally friendly products, includes cooling systems for all types of power plants throughout the world; custom engineered pumps, valves and mixers that assist a variety of flow processes including oil and gas exploration, distribution and refinement; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs more than 14,000 people worldwide in over 20 countries. Visit http://www.spx.com/ .
Certain statements in this press release, including any statements as to future results of operations or market opportunities, may be 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.
