Multi-industry manufacturing company SPX Corp. (SPW) said Wednesday that Chinese subsidiaries of its thermal equipment and services segment secured two contracts in June worth nearly $66 million to instal dry cooling systems utilizing air cooled condensers to China's YuanYangHu and ShangDu 3 power plants. Drew Ladau, SPX segment president stated, "Dry cooling systems enable the operation of power plants with limited use of water, which aligns strongly with the efforts and policies of Chinese authorities to conserve water resources."
YuanYangHu power plant is owned and operated by the subsidiaries of Shandong Luneng Group, a major enterprise in the power and coal mining business, while ShangDu 3 or ZhengLan 3 facility is owned and operated by Northern United Power Co. or NUPC, which is responsible for the power supply of Beijing Tianjin and Inner Mongolia. Charlotte, North Carolina-based SPX had earlier supplied dry cooling systems for the ZhengLan 1 and ZhengLan 2 power plants. Including these contracts, the company noted that it secured a total of five dry cooling system contracts in China during the first half of 2009 at an average value of about $30 million. The contracts were as a result of China's commitment to expand its power generation capacity, which is being directly supported by the Chinese government's stimulus plan. SPX expects both the YuanYangHu and ShangDu 3 power plants to be operational by the end of 2010, and the delivery of SPX's equipment to the plants is scheduled to commence in October 2009 and March 2010 respectively. SPW is currently trading at $46.58, down $0.36 or 0.77%, on a volume of nine thousand shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.