<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh99_1.txt
<DESCRIPTION>PRESS RELEASE
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                                                               Exhibit 99.1

NEWS RELEASE                                     [LOGO - SPX CORPORATION]


Contact:     Jeremy W. Smeltser (Investors)
             704-752-4478
             E-mail:  investor@spx.com

             Tina Betlejewski (Media)
             704-752-4454
             E-mail: spx@spx.com



           SPX SUCCESSFULLY AMENDS SENIOR SECURED CREDIT FACILITY

            PLANS TO ANNOUNCE NEW FINANCIAL STRATEGY IN Q1 2005


     CHARLOTTE, NC - December 23, 2004 - SPX Corporation (NYSE: SPW) today
announced that it has amended its senior secured credit facility. The
amendment increases SPX's flexibility to use proceeds from asset
dispositions. The company is not required to prepay term loans or reinvest
proceeds from the previously announced sale of BOMAG and Edwards Systems
Technology (in excess of the first $150 million, which is required to be
applied to prepay term loans). The amendment also adds the flexibility for
the use of up to $1 billion of proceeds from the sale of additional assets.

     The amendment also provides that if the credit facilities are rated
Ba3 or lower by Moody's or BB+ or lower by Standard & Poor's, the interest
rate margin will generally increase by 0.25%.

     In addition, the amendment modifies the formula relating to stock
buy-backs by SPX, allowing the company to purchase an unlimited amount of
its equity if its ratio of gross debt to EBITDA is less than 2.5 to 1.0.

     SPX also said today that it will announce its new financial strategy
in the first quarter of 2005 and reconfirmed its intent to use all the
proceeds from the sale of BOMAG to reduce debt and the proceeds from the
sale of Edwards Systems Technology to reduce debt and repurchase equity.

     SPX Corporation is a global provider of technical products and
systems, industrial products and services, flow technology, cooling
technologies and services, and service solutions. The Internet address for
SPX Corporation's home page is www.spx.com.

     Certain statements in this press release may be 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 our public filings for a 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.

     SPX Corporation shareholders are strongly advised to read the proxy
statement relating to SPX Corporation's 2005 annual meeting of shareholders
when it becomes available, as it will contain important information.
Shareholders will be able to obtain this proxy statement, any amendments or
supplements to the proxy statement and any other documents filed by SPX
Corporation with the Securities and Exchange Commission for free at the
Internet website maintained by the Securities and Exchange Commission at
www.sec.gov. In addition, SPX Corporation will mail the proxy statement to
each shareholder of record on the record date to be established for the
shareholders' meeting. Copies of the proxy statement and any amendments and
supplements to the proxy statement will also be available for free at SPX
Corporation's Internet website at www.spx.com or by writing to Investor
Relations, SPX Corporation, 13515 Ballantyne Corporate Place, Charlotte,
North Carolina 28277, telephone (704) 752-4400.

     SPX Corporation, its executive officers and directors may be deemed to
be participants in the solicitation of proxies for SPX Corporation's 2005
annual meeting of shareholders. Information regarding these participants is
contained in a filing under Rule 14a-12 filed by SPX Corporation with the
Securities and Exchange Commission on December 9, 2004.

                                   # # #

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