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SPX Withdraws Exchange Offer for Echlin

6 May 1998

SPX Withdraws Exchange Offer for Echlin

    MUSKEGON, Mich., May 6 -- SPX Corporation today
announced that it is withdrawing its exchange offer to acquire Echlin Inc.
because it is not in the best interests of SPX shareholders to
compete with the terms of Dana Corporation's merger agreement with
Echlin.
    "A value-creating acquisition requires pricing discipline.  While we are
disappointed that Echlin has chosen an alternative transaction, Dana is an
excellent company and we wish Dana and Echlin well," said John B. Blystone,
Chairman, President and CEO of SPX.  "SPX's businesses are thriving and we are
confident in our ability to continue the dramatic turnaround at SPX.  The
appreciation of our Echlin shares will more than cover the costs of our offer.
Going forward, we will continue to improve SPX's businesses and will pursue
other growth opportunities to create wealth for SPX shareholders."
    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