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SPX Awarded Contract From Lotte Co., Ltd. To Expand Dairy Processing Plant In Japan

Stocks in this article: SPW

CHARLOTTE, N.C., Oct. 21, 2013 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that it was awarded a contract in late Q3 worth approximately $26 million from Lotte Co., Ltd., a Japan-based multinational conglomerate, to help the company expand its main dairy processing plant dedicated to producing the company's line of highly popular ice cream products.

Founded in 1948 and based in Tokyo, Lotte is a multinational food and shopping corporation active in Japan and South Korea. The company began producing ice cream and other confectionery products in 1948 and formally founded Lotte Ice Cream Co., Ltd. in 1972.

Today, Lotte is one of Japan's largest manufacturers of ice cream products and operates a main dairy processing facility located approximately 70 miles outside Tokyo.  Plans call for Lotte's newly expanded facility to feature full-line dairy processing systems designed and installed by SPX.  These lines will utilize SPX's APV and Waukesha Cherry-Burrell brand dairy processing equipment and technologies.

"SPX has enjoyed a strong working relationship with Lotte over more than 30 years, and this ice cream production facility expansion project promises to build on that legacy," said Marc Michael, president of SPX Flow Food & Beverage.  "By working closely with Lotte to expand the production capacity of their main ice cream processing facility, we are confident we can help them benefit from greater production capacity and economies of scale.  As a result, we anticipate this new facility will better position Lotte to meet future demand for its ice cream products across Japan."

Work on the Lotte ice cream plant expansion is anticipated to begin in early 2014, and the increased capacity is expected to be fully operational sometime in 2015.

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