SPX Corporation (NYSE:SPW) agreed to spin the flow business on October 29, 2014. Flow business will be formed into a new standalone, publicly traded company, Future Flow Company. The balance of SPX, the Future Infrastructure Company, will be a standalone company. SPX anticipates completing the transaction by distributing all of the shares of the Future Flow Company to SPX shareholders, who will initially own 100% of the Future Flow Company. SPX intends to refinance existing credit facilities and the Future Flow Company is expected to assume SPX's 6.875% Senior Notes due 2017, subject to receipt of a clarifying consent from the existing bondholders. As on February 12, 2015, it was announced that the new company will be called SPX Flow Inc. SPX Corp has filed the form 10 with SEC on May 15, 2015. SPX Flow is expected to be operating independently with its shares trading on the New York Stock Exchange around the end of the third quarter. SPX FLOW common shares listed on the New York Stock Exchange under the ticker symbol "FLOW". Following the effective date of the spin-off, SPX Corp. will continue to trade on the New York Stock Exchange under the new ticker symbol "SPXC".

SPX Corporation (NYSE:SPW) entered into a separation and distribution agreement to spin the flow business on September 22, 2015. SPX FLOW will pay $44 million to SPX Corporation of the proceeds of the Flowco Financing Arrangements shall be used, at SPX's direction, to retire an equal amount of SPX's outstanding indebtedness under the credit agreement.

Chris Kearney will serve as Chairman, President and Chief Executive Officer of the Future Flow Company upon completion of the transaction. SPX Chief Financial Officer Jeremy Smeltzer will be Chief Financial Officer of the SPX Flow spinoff. Michael Mancuso will serve as Chairman of the Future Infrastructure Company. Gene Lowe, currently the President of SPX's Thermal Equipment and Services Segment, will serve as President and Chief Executive Officer of the Future Infrastructure Company upon completion of the transaction. The new management of SPX Corporation will consist of Gene Lowe as President and Chief Executive Officer, Scott Sproule as Vice President, Chief Financial Officer and Treasurer, John Nurkin as Vice President, Secretary and General Counsel, Tausha White as Vice President and Chief Human Resources Officer, Randy Data as President of South Africa and Global Operations, and John Swann as President of Weil-McLain, Marley Engineered Products and Radiodetection.

The completion of the spin-off is subject to certain customary conditions, including effectiveness of appropriate filings with the U.S. Securities and Exchange Commission and final approval of the spin-off by the SPX Board of Directors. The transaction is also subject to the new shares issued by SPX Flow to be approved for listing on the NYSE, execution of ancillary agreements. Board of Directors of SPX Corporation has unanimously approved the plan of spin off. No shareholder approval is necessary to complete the transaction. The transaction is expected to be completed within twelve months. The transaction is expected to be completed near the end of third quarter of 2015.

For SPX FLOW, Christopher J. Kearney will be Chairman of the Board of Directors. Anne K. Altman, Patrick D. Campbell, Emerson U. Fullwood, Robert F. Hull, Terry S. Lisenby, and David V. Singer shall join SPX FLOW. As of September 2, 2015, SPX has closed on a pair of credit agreements, totaling $2.55 billion, for the two companies it will become after it spins off its flow business as a separate publicly traded company late September 2015. SPX announces on September 8, 2015 the timing and additional details regarding the previously announced spin-off of SPX FLOW. The SPX Corporation board of directors has approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of SPX FLOW. On the distribution date of September 26, 2015, SPX Corporation shareholders of record as on September 16, 2015, the record date for the distribution, will receive one share of SPX FLOW, Inc. common stock for every share of SPX Corporation common stock they hold on the record date. Shares of SPX Corporation common stock will continue to trade on the NYSE under its current symbol of SPW through the last trading day prior to the distribution date of September 26, 2015. After the distribution date, the shares of SPX common stock will trade under the new symbol SPXC. It is anticipated that "when-issued" trading on the NYSE in SPX FLOW, Inc. common stock will begin on or about September 14, 2015, under the symbol "FLOW WI." On September 28, 2015, it was announced that SPX FLOW, Inc. common stock will begin trading on the NYSE under the symbol FLOW.

The transaction has been approved by Board of SPX Corp. Trading of SPX FLOW, Inc.'s common stock will begin on or about September 14, 2015.

Credit Suisse acted as financial advisor and Aviva Diamant, Richard May, Craig Miller, Philip Richter, Joshua Wechsler, Donald Carleen, Sheena McCaffrey, Alan Kaden, Terrance Gallogly, Dave Rao, Maxwell Yim, Peter Siroka and W. Reid Thompson of Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisors to SPX. Houlihan Lokey, Inc. acted as financial advisor to the Board of Directors of SPX Corporation.

SPX Corporation (NYSE:SPW) completed the spin the flow business for $1.5 billion on September 26, 2014. Its stock will begin regular way trading on NYSE under the symbol "FLOW". SPX FLOW is led by Chris Kearney, Chairman, President and Chief Executive Officer and Jeremy Smeltser, Vice President and Chief Financial Officer. Robert B. Foreman will be Executive Vice President, Stephen A. Tsoris will be Vice President, Secretary and General Counsel, David A. Kowalski will act as President for Global Manufacturing Operations, J. Michael Whitted will be Vice President for Corporate Development, Marc G. Michael will be President for Food and Beverage, Anthony A. Renzi will be President of Power and Energy, David J. Wilson will be President of Industrial, Belinda G. Hyde will be Vice President and Chief Human Resources Officer, Kevin J. Eamigh will be Chief Information Officer and Vice President of Global Business Services.