CHARLOTTE, N.C., Nov. 13 /PRNewswire-FirstCall/ -- SPX Corporation today announced that Patrick J. O'Leary, Executive Vice President, Treasurer, and CFO, has adopted a plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.
O'Leary's plan covers options to purchase 1,028,546 shares of SPX stock that expire in January and June of 2009. The broker administering the plan will undertake to exercise these stock options and sell the underlying shares at market prices in a systematic manner, beginning no earlier than March of 2008. The plan is scheduled to be in place until June, 2009, unless terminated earlier under certain circumstances. The plan complies with the company's insider trading policy and stock ownership guidelines.
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 over 14,000 people worldwide in over 20 countries. Visit http://www.spx.com/.
Certain statements in this press release 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 word "scheduled" 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.
