SPX Raises $275,000 for St. Jude Children’s Research Hospital With Auction of Ford Mustang Challenge Race Car at Barrett-Jackson

. February 2, 2010

SPX Corporation (NYSE: SPW) today announced that it raised $275,000 for St. Jude Children’s Research Hospital (www.StJude.org) at the 39th Annual Barrett-Jackson Collector Car Auction in Scottsdale, Arizona on Friday, January 22. A special charity auction of the Ford Mustang FR500S Challenge Race car donated by SPX culminated in a winning bid of $275,000, the highest auction bid for any car that day and the 8th highest sale price at the event overall. All proceeds from the sale of the car will go to St. Jude.

“SPX is extremely gratified to be able to contribute toward St. Jude Children’s Research Hospital’s fundraising efforts and help support the important work they do in researching and treating children with pediatric cancer and other diseases,” said SPX Chairman, President and Chief Executive Officer Christopher J. Kearney.

“We could not be happier with the outcome of the race car charity auction, and I want to thank Barrett-Jackson, Capaldi Racing, St. Jude, Randy Owen and all the SPX employees who played a role in making this event such a success. We trust the winning bidder is equally thrilled with having the dual satisfaction of driving away with a truly unique car and knowing he has helped support a great hospital and all the many families it serves.”

The Ford Mustang FR500S is a specially prepared car that has raced in the Mustang Challenge for the Miller Cup and is number 56 of approximately 75 cars that were built on the production line in Flat Rock, Michigan. This also marked the first time that Ford had ever built a production run of cars for a race car series on their assembly line.

Prepared by Capaldi Racing in conjunction with Ford Racing, the car features a specially modified production 4.6L, 3-valve V-8 engine producing 325 horsepower. The race ready car just recently completed the 2009 series and was obtained through SPX’s diagnostic tool business, Detroit-based SPX Service Solutions, which has been a service provider to Ford Motor Company for many years.

About the Mustang Challenge Series

This series was created to provide a venue for competitive racing of the new platform Ford Mustang. The FR500S Mustang is a limited production race car that was built on a production line at Flat Rock, Michigan. Co-developed by Ford Racing and Miller Motorsports Park, the series is sanctioned by the Great American Road Racing Association and in 2010 will feature a 10 race schedule at selected road courses from Florida to Connecticut to Utah.

About the Barrett-Jackson Auction

For nearly four decades, the Barrett-Jackson Auction Company has been recognized throughout the world for offering only the finest selection of quality collector vehicles, outstanding professional service, and an unrivaled sales success. From classic and one-of-a-kind vehicles to exotics and muscle cars, Barrett-Jackson attracts only the best. The auction features approximately 1,000 of the world’s finest collector and special-interest automobiles and is attended by more than 200,000 collectors and enthusiasts from around the globe. For more information, please visit www.barrett-jackson.com/events/scottsdale/.

About SPX

SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.

SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; custom engineered process equipment that assists a variety of flow processes including food and beverage manufacturing, oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.

SPX is headquartered in Charlotte, North Carolina and has employees in over 40 countries worldwide. Visit www.spx.com. (NYSE: SPW)

Category: Auction News

Comments are closed.