-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950131-02-002832.txt : 20020726
<SEC-HEADER>0000950131-02-002832.hdr.sgml : 20020726
<ACCEPTANCE-DATETIME>20020726172739
ACCESSION NUMBER:		0000950131-02-002832
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020128
FILED AS OF DATE:		20020726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPX CORP
		CENTRAL INDEX KEY:			0000088205
		STANDARD INDUSTRIAL CLASSIFICATION:	METALWORKING MACHINERY & EQUIPMENT [3540]
		IRS NUMBER:				381016240
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06948
		FILM NUMBER:		02712463

	BUSINESS ADDRESS:	
		STREET 1:		13515 BALLANTYNE CORPORATE PLACE
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
		BUSINESS PHONE:		704-752-4400

	MAIL ADDRESS:	
		STREET 1:		13515 BALLANTYNE CORPORATE PLACE
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEALED POWER CORP
		DATE OF NAME CHANGE:	19880515
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>d11k.txt
<DESCRIPTION>FORM 11-K
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 11-K

                   Annual Report Pursuant to Section 15(d) of
                       The Securities Exchange Act of 1934

[x]  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].

     For the fiscal year ended    January 28, 2002
                              -------------------------------------------------


[_]  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 [NO FEE REQUIRED].

     For the transition period from _____________ to ______________


                          Commission file number 1-6948

A.   Full title of the plan and the address of the plan, if different from that
     of the issuer named below: United Dominion Industries, Inc. Compass Plan
     for Hourly Employees

B.   Name of the issuer of the securities held pursuant to the plan and the
     address of its principal executive office:

                                 SPX Corporation
                        13515 Ballantyne Corporate Place
                         Charlotte, North Carolina 28277

<PAGE>

                        United Dominion Industries, Inc.
                       Compass Plan for Hourly Employees

                                Financial Report

                                January 28, 2002

<PAGE>

United Dominion Industries, Inc. Compass Plan for Hourly Employees

<TABLE>
<CAPTION>
                                                                  Contents
<S>                                                               <C>
Report Letter                                                          1


Statement of Net Assets Available for Benefits                         2


Statement of Changes in Net Assets Available for Benefits              3


Notes to Financial Statements                                         4-9
</TABLE>

<PAGE>

                          Independent Auditor's Report

To the Administrative Committee of
   United Dominion Industries, Inc. Compass Plan for Hourly Employees.

We have audited the accompanying statement of net assets available for benefits
of United Dominion Industries, Inc. Compass Plan for Hourly Employees as of
January 28, 2002 and December 31, 2001 and the related statement of changes in
net assets available for benefits for the 28 days ended January 28, 2002 and
year ended December 31, 2001. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
January 28, 2002 and December 31, 2001 and the changes in net assets available
for benefits for the 28 days ended January 28, 2002 and the year ended December
31, 2001, in conformity with accounting principles generally accepted in the
United States of America.

                                                        /s/ Plante & Moran, LLP

Southfield, Michigan
July 22, 2002

<PAGE>

United Dominion Industires, Inc. Compass Plan for Hourly Employees

                                  Statement of Net Assets Available for Benefits

<TABLE>
<CAPTION>
                                                             January 28,   December 31,
                                                                2002           2001
                                                             -----------   ------------
<S>                                                          <C>           <C>
Assets

  Participant-directed investments:
    Investments at fair value:
      Mutual funds                                           $        -    $  5,439,173
      Common trust fund                                               -         463,649
      Interest in SPX Pooled Stock Master Trust                       -         698,247
      Cash                                                            -           3,555
    Investment at contract value - Interest in UDI
      Stable Capital Master Trust                                     -       1,670,834
    Participant loans                                                 -         407,577
                                                             -----------   ------------

         Total investments                                            -       8,683,035

  Receivables:
    Employee contributions                                            -          12,454
    Employer contributions                                            -           2,185
                                                             -----------   ------------

         Total receivables                                            -          14,639
                                                             -----------   ------------

Net Assets Available for Benefits                            $        -    $  8,697,674
                                                             ===========   ============
</TABLE>

See Notes to Financial Statements.     2

<PAGE>

United Dominion Industries, Inc. Compass Plan for Hourly Employees

                       Statement of Changes in Net Assets Available for Benefits

<TABLE>
<CAPTION>
                                                               Period Ended     Year Ended
                                                                January 28,     December 31,
                                                                   2002            2001
                                                               ------------     ------------
<S>                                                            <C>              <C>
Additions
  Investment income:
     Interest and dividends                                     $     3,355     $   101,503
     Investment income from interest in master trusts
        (Note 3)                                                     23,707         615,015
     Net depreciation in fair value of investments:
        Mutual funds                                                (73,061)     (1,055,369)
        Common trust fund                                            (4,829)        (68,647)
                                                                -----------     -----------

            Total investment loss                                   (50,828)       (407,498)
                                                                -----------     -----------
  Contributions:
     Employee                                                             -         868,727
     Employer                                                             -          92,912
                                                                -----------     -----------

            Total contributions                                           -         961,639
                                                                -----------     -----------

            Total additions - Net                                   (50,828)        554,141
                                                                -----------     -----------

Deductions
  Distributions to participants                                     584,454       1,786,364
  Net assets transferred to other plans (Note 1)                  8,062,392         798,808
                                                                -----------     -----------
            Total deductions                                      8,646,846       2,585,172
                                                                -----------     -----------

Net Decrease                                                     (8,697,674)     (2,031,031)

Net Assets Available for Benefits - Beginning of period           8,697,674      10,728,705
                                                                -----------     -----------

Net Assets Available for Benefits - End of period               $         -     $ 8,697,674
                                                                ===========     ===========
</TABLE>

See Notes to Financial Statements.

                                       3

<PAGE>
United Dominion Industries, Inc. Compass Plan for Hourly Employees

                                                   Notes to Financial Statements
                                          January 28, 2002 and December 31, 2001


Note 1 - Plan Description

         The following brief description of the United Dominion Industries, Inc.
         Compass Plan for Hourly Employees (the "Plan") is provided for general
         information purposes only. Participants should refer to the Plan
         Agreement or related union agreement for more complete information.

         General - On May 24, 2001, United Dominion Industries, Limited, the
         ultimate parent of United Dominion Industries, Inc., was acquired by
         SPX Corporation (the "Company"). The Plan is a defined contribution
         plan and is subject to the provisions of the Employee Retirement Income
         Security Act of 1974 (ERISA). The Plan is offered on a voluntary basis
         to eligible union employees of United Dominion Industries, Inc., a
         division of SPX Corporation, except for those employees already covered
         by another Company-sponsored defined contribution plan. An eligible
         employee may become an active participant in the Plan immediately
         following his or her full employment with United Dominion Industries,
         Inc. Effective January 28, 2002, the Plan was merged with the SPX
         Corporation Retirement Savings and Stock Ownership Plan.

         Contributions - Contributions to the Plan by employees are limited to
         15 percent of an employee's annual before-tax compensation up to the
         maximum allowed under the Internal Revenue Code. Participants in the
         Plan are at all times 100 percent vested in their Plan account balances
         and earnings related to their contributions. Participating employers
         may make matching and profit-sharing contributions at their discretion.
         The Plan does not allow for employee or employer contributions after
         December 31, 2001.

         Participant Accounts - Each participant's account is credited with the
         person's contribution and the participant's share of the Company's
         contribution, if applicable. Allocation of the Plan earnings to
         participant accounts is based on the participant's proportionate share
         of funds in each of the investment accounts. The benefit to which a
         participant is entitled is the benefit that can be provided from the
         participant's account.


                                       4

<PAGE>

United Dominion Industries, Inc. Compass Plan for Hourly Employees

                                                   Notes to Financial Statements
                                          January 28, 2002 and December 31, 2001


Note 1 - Plan Description (Continued)

         Vesting - Vesting for participants in the employer matching and
         profit-sharing contributions and earnings occurred at 25 percent per
         year for substantially all employee groups covered; however, the Fenn
         Manufacturing union employee group is 100 percent vested in employer
         contributions.

         Payment of Benefits - Participants in the Plan are able to receive
         their contributions and/or their pre-tax contribution account balances
         in a lump sum or installment payments in the event of death,
         disability, termination of employment, or retirement. In addition,
         participants are also able to obtain their contributions and/or their
         pre-tax account balances if, subject to Company approval, they are able
         to demonstrate financial hardship, as defined by the Plan.

         Loans - Prior to January 1, 2002, a participant in the Plan could
         borrow from the Plan an amount not to exceed (1) 50 percent of the
         vested balance in the participant's account if the account balance is
         less than $100,000 or (2) $50,000 if the account balance is equal to or
         greater than $100,000. A participant must have a minimum balance of
         $2,000 to be eligible for a loan. The loans are secured by the balance
         in the participant's account and bear interest at the prime interest
         rate plus 1 percent. Principal and interest are paid ratably through
         regular payroll deductions. The term of the loan may not exceed five
         years unless the loan is used in the purchase of a primary residence,
         in which case the term may be for up to 20 years.

         Administration - The Plan is administered by the Company's
         Administrative Committee, which is appointed by the Board of Directors
         of the Company. The Company pays all administrative expenses associated
         with sponsorship of the Plan.

         The Trustee and investment managers/companies have some discretion as
         to the options offered for investment and reinvestment of the assets of
         the Trust within the guidelines mutually agreed upon between them and
         the Company for that portion of the Trust's assets for which each has
         responsibility. The terms and conditions of appointment, authority, and
         retention of the investment managers/companies are the sole
         responsibility of the Company. All withdrawal payments are made by the
         Trustee.

                                        5

<PAGE>

United Dominion Industries, Inc. Compass Plan for Hourly Employees

                                                   Notes to Financial Statements
                                          January 28, 2002 and December 31, 2001


Note 2 - Summary of Significant Accounting Policies

         The accompanying financial statements have been prepared on the accrual
         basis.

         Assets and Liabilities - Accounting policies relative to the basis of
         recording assets and liabilities conform with Department of Labor
         guidelines. Mutual funds and all common trust funds are valued at the
         net asset values quoted by the funds' sponsors on December 31. The fair
         value of the Plan's interest in the Master Trusts is based on the
         beginning of the year value of the Plan's interest in the trusts plus
         actual contributions and allocated income less actual distributions
         (see Note 3). Guaranteed investment contracts included in the UDI
         Stable Capital Master Trust are valued at contract value (which
         represents contributions made under the contract, plus interest at the
         contract rate, less funds used to pay Plan benefits), because the
         contracts are fully benefit-responsive. The interest rates range from
         5.65 percent to 8.10 percent at January 28, 2002 and December 31, 2001.

         Additions, Deductions, and Changes in Net Assets - Income and expenses
         are recorded as earned and incurred. Dividend and interest income is
         recorded on an accrual basis. Purchases and sales of securities are
         recorded on a trade-date basis.

         Income Tax Status - The Plan constitutes a qualified plan under
         Sections 401(a) and 401(k) of the Code, and the related Trust is exempt
         from federal income tax under Section 501(a) of the Code. The Plan
         obtained a determination letter on June 12, 1998, in which the Internal
         Revenue Service stated that the Plan, as then designed, was in
         compliance with the applicable requirements of the Internal Revenue
         Code. Therefore, no provision for income taxes has been included in the
         Plan's financial statements.

         Use of Estimates - The preparation of financial statements in
         conformity with generally accepted accounting principles requires
         management to make estimates and assumptions that affect the reported
         amounts of assets and liabilities and disclosure of contingent assets
         and liabilities at the date of the financial statements and the
         reported amounts of additions and deductions during the reporting
         period. Actual results could differ from those estimates.

                                        6

<PAGE>

United Dominion Industries, Inc. Compass Plan for Hourly Employees

                                                   Notes to Financial Statements
                                          January 28, 2002 and December 31, 2001


Note 3 - Investments

         The Company has a trust agreement with the American Express Trust
         Company (the "Trustee") in which all assets of the Plan are maintained
         within the Trust in investment accounts for the sole benefit of the
         Plan, except the investments in the master trusts. The assets of the
         UDI Stable Capital Master Trust and the SPX Pooled Stock Master Trust
         are each in master trusts that were established for the investment of
         assets of the Company-sponsored employee benefit plans. Each
         participating savings plan has an undivided interest in the Master
         Trusts. The assets of the Master Trusts are held by the Trustee. As
         part of the Plan's merger with the SPX Retirement Savings and Stock
         Ownership Plan in January 2002, the Master Trusts were dissolved. At
         December 31, 2001, the Plan's interest in the net assets of the UDI
         Stable Capital Master Trust was 3 percent. At December 31, 2001, the
         Plan's interest in the net assets of the SPX Pooled Stock Master Trusts
         was 8 percent. Investment income and administrative expenses related to
         the Master Trusts are allocated to the individual plans based upon
         average monthly balances invested by each plan.

         The following table presents the fair values of investments and
         investment income of the Master Trusts as of and for the periods ended
         January 28, 2002 and December 31, 2001:

<TABLE>
<CAPTION>
                                                              2002          2001
                                                          ------------  ------------
     <S>                                                  <C>           <C>
     UDI Stable Capital Master Trust:
       Investments at fair value:
          Common trust funds                              $          -  $ 11,476,704
          Money market fund                                          -       894,171
       Investments at contract value - Guaranteed
          interest contracts                                         -    42,033,635
                                                          ------------  ------------

               Total                                      $          -  $ 54,404,510
                                                          ============  ============

       Investment income:
          Interest and dividends                          $    152,564  $  1,851,118
          Net appreciation in fair value of common
            trust funds                                         35,463     1,800,171
                                                          ------------  ------------

               Total investment income                    $    188,027  $  3,651,289
                                                          ============  ============
</TABLE>
                                        7

<PAGE>


United Dominion Industries, Inc. Compass Plan for Hourly Employees

                                                   Notes to Financial Statements
                                          January 28, 2002 and December 31, 2001


Note 3 - Investments (Continued)
                                                      2002           2001
                                                   ----------    ------------
     SPX Pooled Company Stock Master Trust:
        Investments at fair value:
          SPX Corporation common stock             $        -    $  8,578,291
          Cash                                              -         137,166
                                                   ----------    ------------

               Total                               $        -    $  8,715,457
                                                   ==========    ============

        Investment income:
          Interest and dividends                   $      129    $     39,839
          Net appreciation in fair value of
             common stock                             171,981       5,402,841
                                                   ----------    ------------

               Total investment income             $  172,110    $  5,442,680
                                                   ==========    ============

     Investments, other than the Plan's interest in the Master Trusts, that
     represent 5 percent or more of the Plan's net assets are separately
     identified as follows:

                                                      2002           2001
                                                   ----------    ------------

     AXP New Dimensions Fund                       $        -    $  1,967,175
     AXP Selective Fund                                     -         630,585
     AETC - Collective Equity Index I Fund                  -         463,649
     AIM Constellation Fund                                 -       1,202,719
     Dreyfus Founders Balanced Fund                         -         968,905


Note 4 - Related Party Transactions

     Certain Plan investments are shares of a fund managed by American Express
     Trust Company. American Express Trust Company is the trustee as defined by
     the Plan. These transactions qualify as party-in-interest.

                                       8

<PAGE>


United Dominion Industries, Inc. Compass Plan for Hourly Employees

                                                   Notes to Financial Statements
                                          January 28, 2002 and December 31, 2001

Note 5 - Nonexempt Transactions

     During 2001, the Company deposited certain employee contributions and
     employee loan repayments totaling $1,235 after the time-frame required by
     the Department of Labor. The Company intends to reimburse the affected
     participants for lost earnings.

                                       9

<PAGE>

                                   SIGNATURES

     The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          UNITED DOMINION INDUSTRIES, INC.
                                          COMPASS PLAN FOR HOURLY EMPLOYEES

                                          By:  United Dominion Industries, Inc.
                                               Management Pension Committee


Date: July 26, 2002                            By:      /s/ Patrick J. O'Leary
     -----------------------                      ------------------------------
                                               Patrick J. O'Leary
                                               Vice President Finance, Treasurer
                                               and Chief Financial Officer of
                                               SPX Corporation

<PAGE>

                                  Exhibit Index

Exhibit No.    Description
- -----------    -----------

23.1           Consent of Plante & Moran, LLP

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dex231.txt
<DESCRIPTION>INDEPENDENT AUDITOR'S CONSENT
<TEXT>
<PAGE>

                                                                    Exhibit 23.1


                          Independent Auditor's Consent

We consent to the incorporation by reference in the registration statement (No.
333-61766) on Form S-8 of our report dated July 22, 2002 appearing in the Annual
Report on Form 11-K of United Dominion Industries, Inc. Compass Plan for Hourly
Employees for the 28-day period ended January 28, 2002.

                                      /s/ Plante & Moran, LLP

Southfield, Michigan
July 26, 2002

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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