SPX Head Prepping for Clean Exit

SPX Corporation today announced that its Chairman, Charles E. Johnson II, has informed the company that he intends to adopt a plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended.
Mr. Johnson expects to retire from the SPX Board of Directors in February 2007 and anticipates using the plan to systematically reduce his ownership in contemplation of his retirement.
The broker administering the plan would undertake to sell 70,000 shares of company stock and to exercise stock options to purchase 1,844 shares of company stock and sell the underlying shares, in each case at market prices in a systematic manner.
The plan would be in place for approximately one year unless terminated earlier under certain circumstances and sales under the plan would commence no earlier than July 12, 2006.
The plan would comply with the company’s insider trading policy and stock ownership guidelines.
SPX Corporation is a global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services.