SPX Corp Announces Results of Merger Consideration Elections

9 October 1998
SPX Corporation Announces Results of Merger Consideration Elections In the General Signal Merger
    MUSKEGON, Mich., Oct. 8 -- SPX Corporation has
been informed by the Exchange Agent that the General Signal shareholder
elections as to the form of merger consideration in connection with the merger
of General Signal Corporation into a subsidiary of SPX were as follows:

    Cash: 33,945,564 shares of General Signal
    Stock: 6,724,284 shares of General Signal
    Mixed Election: 396,620 shares of General Signal
    Non-Election: 2,495,473 shares of General Signal

    Under the terms of the merger agreement, an aggregate of 60% of the shares
of common stock of General Signal will be exchanged for shares of common stock
of SPX Corporation at a ratio of 0.6977 of an SPX share per General Signal
share, and an aggregate of 40% of the shares of common stock of General Signal
will be exchanged for $45 per General Signal share in cash.  As a result of
the elections, the merger consideration will be paid as follows:

    -  Cash election: approximately 0.341226 of an SPX share and $22.99 in
       cash for each General Signal share.

    -  Mixed election: approximately 0.555110 of an SPX share and $9.20 in
       cash for each General Signal share.

    -  Stock election and non-election: 0.6977 of an SPX share for each
       General Signal share.

    Approximately 18.2 million shares of SPX common stock and $784.1 million
in cash will be paid in total to General Signal shareholders.  Fractional
shares will be paid in cash based on the $47 1/4 closing price of an SPX share
on October 5, the day before the merger.
    SPX Corporation is a global provider of industrial and vehicle solutions
including process and electrical controls, network technologies, service
solutions to franchised vehicle dealers, and components and service support to
vehicle manufacturers.  The Internet address for SPX Corporation's home page
is http://www.spx.com.