CHARLOTTE, NC - January 29, 2004 - SPX Corporation (NYSE:SPW) today announced that its December 2, 2003 offer to shareholders of McLeod Russel Holdings PLC (London:MCR) was declared unconditional. The acquisition was effective January 20, 2004 and McLeod Russel shares are expected to be delisted on or about February 18.

McLeod Russel is a manufacturer of filtration products for process air, industrial and atmospheric markets. Based in Abingdon, United Kingdom, McLeod Russel has annual revenues of approximately GBP73.7 million.

William Griffiths, President of SPX's Fluid Systems businesses said, "McLeod Russel has a solid European footprint, strong brand names and expertise in markets that complement those served by our Air Treatment business. This acquisition is the next step in our growth strategy and provides not only an expanded line of products and services and opportunities for global growth, but also increases our served markets."

SPX Air Treatment is a global supplier of air filtration and dehydration equipment. Serving a wide range of industrial processes and markets internationally, their products include compressed air and gas dryers, filtration products, drains, after-coolers, oil-water separators, rental dryers, accessories and replacement parts.
SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology and service solutions. The Internet address for SPX Corporation's home page is www.spx.com.

Certain statements in this press release are 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 the company's public filings for 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.