Nov. 3, 2009 (PR Newswire) --

CHARLOTTE, N.C., Nov. 3 /PRNewswire-FirstCall/ -- SPX Corporation (NYSE: SPW) today announced that its SPX Heat Transfer Inc. subsidiary has entered into a definitive agreement with Connell Limited Partnership and Yuba Heat Transfer LLC ("Yuba") to acquire substantially all the assets and certain liabilities of Yuba, a leading global supplier of heat transfer equipment and related technology for the power generation industry. The terms of the transaction were not disclosed, but completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals.

Founded in 1928 and based in Tulsa, Oklahoma, Yuba is a world-class designer, manufacturer and servicer of heat transfer equipment sold under the Yuba and Ecolaire brands, and one of the leading companies supplying heat transfer equipment to the power generation industry. Yuba's heat exchangers are utilized by nuclear, solar, geothermal, gas and coal power generation facilities.

"Yuba's proven heat transfer products and installed base of thousands of customers across many fuel types will provide a significant opportunity to offer a broader range of solutions in key strategic markets, particularly in the U.S.," said SPX Chairman, President and Chief Executive Officer Christopher J. Kearney. "In fact, with Yuba's market presence and deep customer relationships in North America, we believe our businesses will be much better positioned to help the U.S. power industry address the pressing need to upgrade America's rapidly aging energy infrastructure."

"We have long been admirers of Yuba's business and senior management team and believe this transaction will complement the strong thermal equipment competencies of our 125-year-old Balcke-Durr business as well as those of SPX Cooling Technologies," said Drew Ladau, SPX segment president. "As such, we believe this acquisition will result in a broader offering of solutions to our power generation customers, in addition to serving new customers. We look forward to having the Yuba team members join SPX Heat Transfer Inc."

To date, more than 10,000 of Yuba Heat Transfer products, including over 6,500 feedwater heaters and over 3,500 condensers, have been installed at power generation facilities around the world.

"For decades, we've been proud of Yuba's accomplishments achieved during our stewardship and over those years, have worked closely with management to nurture and grow the business," said Frank Doyle, president and Chief Executive Officer of Connell Limited Partnership.