RNS Number:4215U
SPX Corporation
20 January 2004

For immediate release

                                                                January 20, 2004



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
  UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER RESTRICTED JURISDICTION



                                SPX CORPORATION

 Recommended Cash Offer by JPMorgan on behalf of SPX Air Filtration Limited (a
   wholly owned subsidiary of SPX Corporation) for McLeod Russel Holdings PLC

                  Offer declared unconditional in all respects

SPX Corporation ("SPX") announces, in relation to the recommended cash offer
("Offer") by JPMorgan on behalf of SPX Air Filtration Limited for the entire
issued and to be issued share capital of McLeod Russel Holdings PLC ("McLeod
Russel"), that the Offeror has, as at 3.00 p.m. on January 19, 2004, received
valid acceptances under the Offer in respect of 47,264,825 McLeod Russel Shares
representing approximately 90.70 per cent. of the existing issued share capital
of McLeod Russel, and that the Offer is declared unconditional in all respects.
The Offer will remain open for acceptance until further notice.

Prior to the announcement of the Offer on December 2, 2003, the Offeror had
received irrevocable undertakings to accept (or procure the acceptance of) the
Offer from the Directors of McLeod Russel in respect of their own beneficial
holdings of, in aggregate, 645,870 McLeod Russel Shares, representing
approximately 1.2 per cent. of the existing issued share capital of McLeod
Russel. The Offeror has also received irrevocable undertakings from certain
other shareholders in respect of 13,462,000 McLeod Russel Shares, representing
approximately 25.8 per cent. of the existing issued share capital of McLeod
Russel. Valid acceptances have been received in respect of all McLeod Russel
Shares subject to the irrevocable undertakings and are included in the total
number of valid acceptances referred to above.

Save as disclosed in this announcement or the Offer Document, neither SPX nor
the Offeror, nor any persons acting or deemed to be acting in concert with SPX
or the Offeror, held any McLeod Russel Shares (or rights over any McLeod Russel
Shares) prior to the Offer Period and neither SPX nor the Offeror nor any
persons acting or deemed to be acting in concert with SPX or the Offeror, have
acquired or agreed to acquire any McLeod Russel Shares (or rights over any
McLeod Russel Shares) since the commencement of the Offer Period.

Unless the context otherwise requires, defined terms used in this announcement
shall have the meanings given to them in the Offer Document. The Offer remains
subject to the terms set out in the Offer Document.

Forms of Acceptance not yet returned should be completed and returned in
accordance with the instructions set out in the Offer Document and in the Form
of Acceptance so as to be received as soon as possible.

Special Dividend

SPX announced on December 2, 2003 that McLeod Russel Shareholders would receive
a special interim dividend (the "Special Dividend") of one pence per McLeod
Russel Share after the Offer becomes or is declared unconditional in all
respects. As the Offer has now been declared unconditional in all respects, the
Special Dividend will be paid to all persons registered as holders of McLeod
Russel Shares at the close of business on January 19, 2004, with payment being
within 14 days (or as soon as practicable thereafter) of the date of this
announcement. McLeod Russel Shares will be marked ex-dividend on January 20,
2004.

Consideration

The consideration will be despatched by first class post on or before February
3, 2004 to McLeod Russel Shareholders who have validly accepted the Offer on or
before the date of this announcement. Thereafter, consideration will be
despatched to McLeod Russel Shareholders who validly accept the Offer, within 14
days of receipt of an acceptance valid in all respects.

Delisting and Compulsory Acquisition

Application will be made to the UKLA for the cancellation of the listing of
McLeod Russel Shares on the Official List and to the London Stock Exchange for
the cancellation of the admission to trading of McLeod Russel Shares on the
London Stock Exchange's market for listed securities, in each case expected to
take effect 20 business days following the date of this announcement.

In addition, as sufficient acceptances have been received, the Offeror intends
to implement the procedures set out in sections 428 to 430F of the Companies Act
to acquire compulsorily any outstanding McLeod Russel Shares to which the Offer
relates in due course.



Enquiries:
JPMorgan                            Henry Lloyd                       Tel: +44 20 7777 2000
                                    Eamon Brabazon                    Tel: +44 20 7777 2000

Capita IRG Plc                                                        Tel: 0870 162 3100
(receiving agent)                                                     (or +44 20 8639 2157 if telephoning from
                                                                      outside the UK)

The contents of this announcement have been approved by J.P. Morgan PLC of 125
London Wall, London EC2Y 5AJ (regulated in the United Kingdom by the Financial
Services Authority).

The Offeror Directors and John B Blystone, Chairman, President and CEO of SPX,
accept responsibility for the information contained in this announcement. To the
best of the knowledge and belief of the Offeror Directors and John B Blystone
(who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.

JPMorgan, which is regulated in the UK by The Financial Services Authority, is
acting exclusively for SPX and the Offeror and no one else in connection with
the Offer and will not be responsible to anyone other than SPX and the Offeror
for providing the protections offered to customers of JPMorgan, or for providing
advice in relation to the Offer.

This announcement does not constitute an offer to sell or an invitation to
purchase any securities or the solicitation of an offer to buy any securities,
pursuant to the Offer or otherwise. The full terms and conditions of the Offer
(including details of how the Offer may be accepted) are set out in the Offer
Document and the Form of Acceptance.

The Offer is not being made, directly or indirectly, in or into or by the use of
the mails of, or by any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or
through any facilities of a national securities exchange of, the United States,
Canada, Australia, Japan or any jurisdiction where to do so would violate the
laws in that jurisdiction, and the Offer is not capable of acceptance from or
within the United States, Canada, Australia, Japan or any such other
jurisdiction. Accordingly, copies of the Offer Document, the Form of Acceptance
and any accompanying documents are not being, and must not be, directly or
indirectly, mailed or otherwise forwarded, distributed or sent in, into or from
the United States, Canada, Australia, Japan or any jurisdiction where to do so
would violate the laws in that jurisdiction, and persons receiving the Offer
Document, the Form of Acceptance and any accompanying documents (including
custodians, nominees and trustees) must not mail or otherwise distribute or send
them in, into or from such jurisdictions as doing so may invalidate any
purported acceptance of the Offer.

The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or distributed
should inform themselves about and observe such restrictions. Receipt of this
announcement will not constitute an offer in those jurisdictions in which it
would be illegal to make the Offer and in such circumstances it will be deemed
to have been sent for information purposes only.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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