SPX to Acquire European Diagnostics Division of Johnson Controls


Information Diagnostics Group to Expand SPX Global Engineering and Production Expertise in Europe

CHARLOTTE, N.C., July 31 /-- SPX Corporation (NYSE:SPW) today announced that it has entered into a definitive agreement to acquire the European diagnostics division of Johnson Controls. The business unit is based in Pontoise, France just outside Paris. SPX will pay approximately Euro 32 million for the business. The transaction is subject to certain regulatory approvals and customary closing conditions.

Johnson Controls is a leader in automotive experience headquartered in Milwaukee, WI.

"This transaction adds strong European engineering and production resources to the SPX Service Solutions global capabilities. It will allow our European team to focus resources in support of Renault, Peugeot and Citroen, while expanding our presence in the French vehicle service aftermarket," said David Kowalski, President of SPX Service Solutions.

"And it fits our strategic acquisition strategy of acquiring businesses to support our key growth platforms, including our Test and Measurement segment," Kowalski added.

Johnson Controls' information diagnostics unit had 2006 revenues of approximately $80 million. The transaction is expected to be completed in the third quarter of 2007.

SPX Service Solutions designs, manufactures and markets a fully integrated family of global brands providing special service tools, advanced diagnostic and shop equipment and technical information for vehicle servicing and maintenance.

With today's announcement the company will increase its geographic reach in Europe to include France. In November, 2005, SPX acquired CarTool GmbH of Ingolstadt, Germany, which expanded SPX's vehicle service and repair business in Europe and provided a manufacturing presence in the German market with additional distribution capability.

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 www.spx.com (NYSE:SPW).

Johnson Controls (NYSE:JCI) is the global leader that brings ingenuity to the places where people live, work and travel. By integrating technologies, products and services, we create smart environments that redefine the relationships between people and their surroundings. Our team of 140,000 employees creates a more comfortable, safe and sustainable world through our products and services for more than 200 million vehicles, 12 million homes and one million commercial buildings. For additional information, please visit http://www.johnsoncontrols.com/.

FCMN Contact: tina.betlejewski@spx.com

Source: SPX Corporation

CONTACT: Investors Jeremy W. Smeltser, +1-704-752-4478, investor@spx.com, or Media, Tina L. Betlejewski, +1-704-752-4454, spx@spx.com, both of SPX Corporation

Web site: www.spx.com/
http://www.johnsoncontrols.com/

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