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SPX's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Portions of the presentation and comments are forward-looking and subject to Safe Harbor provisions, and we'd also like you to note the risk factors in our most recent SEC filings. The earnings per share numbers that we discuss this morning are on an adjusted basis, and in general, the financial data presented relates to continuing operations as of the period they are reported.

And with that, I'll turn the call over to Chris.

Christopher J. Kearney

Thanks, Ryan. Good morning, everyone. Thanks for joining us on the call. The fourth quarter was a very active period for SPX with a number of key accomplishments. Most notably, we executed several strategic actions that we believe will improve our business going forward. We're very excited about these developments. In addition to our strategic process -- progress, we've also had strong year-on-year operational performance and achieved our highest quality revenue and segment income results since Q4 2008. This performance was led by our Flow Technology segment.

I'll begin this morning with a brief overview of our recent strategic accomplishments, as well as our Q4 and full year financial results. Patrick will then provide a detailed analysis of these results.

Looking first at our strategic highlights. The acquisition of ClydeUnion and our pending sale of Service Solutions are the 2 most significant developments. The ClydeUnion acquisition, which was completed late in the fourth quarter, expands our power and energy offerings and gives us another global platform within our Flow segment. We believe the opportunities to build out Flow's power and energy business are similar to our food and beverage business, which experienced a breakout year in 2011.

Flow's food and beverage business grew 27% last year, reflecting the benefit of our acquisition strategy and our localization efforts. We continue to see very strong demand in the food and beverage market as evidenced by the $140 million of new orders we've recently announced. e&e, our newest acquisition in this space, broadens our dehydration offerings and expands our presence in the global coffee market.

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