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SPX Issues Statement on Proposed Amendment to Connecticut House Bill 5695

19 March 1998

SPX Issues Statement on Proposed Amendment to Connecticut House Bill 5695

    MUSKEGON, Mich., March 18 -- SPX Corporation
today issued the following statement regarding the proposed amendment to
Connecticut's proposed House Bill 5695:
    "The proposed amendment to House Bill 5695 is special interest
legislation that, if passed, would eliminate the right of shareholders of all
Connecticut companies to call a special shareholder meeting until 1999.
Additionally, the proposed amendment retroactively removes the statutory
mandate that 35% of the shareholders of a Connecticut company can call a
special shareholder meeting.  This proposed amendment is nothing more than
another desperate attempt by Echlin, Inc. senior management to
disenfranchise its shareholders.
    "The proposed amendment to House Bill 5695 is bad for all Connecticut
companies, the surrounding communities and their employees.  While we are
disappointed in Echlin's continuing attempts to enact legislation that
protects its senior management at the expense of its shareholders and
employees, we remain optimistic that the elected officials of Connecticut will
not enact this misguided, special interest legislation.
    "SPX remains committed to completing the compelling combination of
our company with Echlin.  We will continue to vigorously oppose proposed
amended House Bill 5695, and will take all necessary steps to protect
shareholder interests."
    SPX Corporation is a global provider of Vehicle Service Solutions to
franchised dealers and independent service locations, Service Support to
Vehicle Manufacturers, and Vehicle Components to the worldwide motor vehicle
industry.  SPX's Internet address is http://www.spx.com.

SOURCE  SPX Corporation