January 14, 2010 (FinancialWire) — SPX Corp. (NYSE: SPW) reported that it will record a fourth quarter non-cash charge estimated between $145 million and $165 million to impair the recorded goodwill of Service Solutions, the company’s specialty diagnostic service tools business in its Test and Measurement segment.

The company said it made this determination as part of its normal year-end goodwill impairment testing procedures. The amount recorded will be finalized in connection with the company’s year-end reporting process.

SPX said it expects to release its fourth quarter and full year financial results on Thursday, February 25, 2010.

According to SPX, the non-cash charge is attributable primarily to a decline in the projected cash flows and estimated fair value of Service Solutions, largely due to difficulties experienced in the global automotive industry

The aggregate recorded goodwill of Service Solutions was $344.9 million at the end of the third quarter 2009. The company said it does not expect this charge to impact the normal business operations or liquidity of the company or Service Solutions.

North Carolina-based SPX is a multi-industry manufacturing firm that is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on energy and power.

The company’s product portfolio includes cooling systems for power plants, process equipment used in a range of flow processes, handheld diagnostic tools used for vehicle maintenance and repair and power transformers that regulate voltage for electrical transmission and distribution by utility companies.

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