SPX Delivers to Echlin Demands for Special Shareholder Meeting From Owners of 46% of Echlin Shares

25 March 1998
SPX Delivers to Echlin Demands for Special Shareholder Meeting From Owners of 46% of Echlin Shares

  Under Connecticut Law and Echlin By-Laws, Meeting Must Be Held By June 25

    MUSKEGON, Mich., March 25 -- SPX Corporation
today announced that it has delivered to Echlin Inc. demands from
owners of approximately 29 million Echlin shares, representing approximately
46% of Echlin's outstanding shares, to hold a special shareholder meeting to
vote on replacing the Echlin Board of Directors with SPX's nominees.
    Echlin is incorporated in Connecticut and, under that state's law and
Echlin's own by-laws, must give notice of a special meeting within 30 days of
receiving demands by holders of 35% of its outstanding shares, and must hold
the meeting within 60 days of giving notice.  Accordingly, the special meeting
must be held by June 25, 1998.
    Under section 33-696 of the Connecticut Business Corporation Act, a
corporation shall hold a special meeting of shareholders if holders of not
less than 35% of the voting power deliver demands for the meeting.
Accordingly, SPX expects that Echlin will notice and hold the special meeting
in accordance with Connecticut law and Echlin's own by-laws.  To the extent
that SPX receives additional demands, SPX will forward them to Echlin, without
any prejudice to SPX's position that no revocations of demands executed after
today will be of any force and effect and the 30-day period for delivering
notice of the special meeting of shareholders has begun to run as of today.
    At the special meeting, Echlin's existing Board would be removed if more
shareholders vote in favor of removal than vote against removal; new directors
would be elected by a simple majority of those voting.
    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