SPX Lands $41M Contract In Saudi Arabia

By Charlotte Business Journal

A unit of SPX Corp. has been awarded a $41 million contract to produce two dry-cooling systems for a large power plant planned in Saudi Arabia.

SPXâ¿¿s thermal equipment and services operation will manufacture and supervise construction of the air-cooled systems at the Riyadh PP11 power project.

The plant is being developed by GDF Suez of France and Haljomaih Holding Co. of Saudi Arabia, which also will own and operate the combined-cycle power facility with Saudi Electricity Co. of Saudi Arabia and Sojitz Corp. of Japan. Hyundai Heavy Industries Korea is spearheading the design, engineering, construction, installation, testing and commissioning for Riyadh PP11.

⿿The Middle East continues to be an important developing region for SPX due to increasing demand for energy and continued power infrastructure expansion,⿝ SPX Chief Executive Chris Kearney says in a prepared statement. ⿿To date, SPX has helped establish new dry-cooled power stations in Bahrain, Qatar, Jordan and now, Saudi Arabia.

⿿The Riyadh PP11 project also marks SPX⿿s largest contract to date in Saudi Arabia, and we look forward to working with Hyundai Heavy Industries toward the power plant⿿s successful completion.⿝

Riyadh PP11 is expected to begin operating in 2012, producing 1,730 megawatts of electricity. It will be Saudi Arabiaâ¿¿s largest combined-cycle gas-fired power station.

Charlotte-based SPX (NYSE:SPW) sells technical products and systems, industrial products and services. The company has 15,000 employees in more than 35 countries.

Copyright 2010 American City Business Journals

http://charlotte.bizjournals.com/charlotte/stories/2010/07/19/daily14.html?ana=thestreet

Copyright bizjournals.com 2010

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