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Echlin Inc.
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[ECHLIN LOGO]
For Further Information Contact:
Paul Ryder
Vice President
Investor Relations
ECHLIN REACTS TO SPX'S ANNOUNCEMENT WITHDRAWING BID
BRANFORD, Conn., May 6, 1998--Echlin Inc. (NYSE:ECH) released
the following statement today on SPX Corporation's announcement withdrawing its
exchange offer to acquire Echlin.
Echlin Chairman, President and Chief Executive Officer Larry
McCurdy stated, "We are delighted at today's announcement by SPX to withdraw
its unsolicited bid for Echlin. We are eager to proceed with the previously
announced strategic business combination with Dana Corporation, which we
believe is in the best interests of our constituencies. Partnering with Dana
will provide great value to our shareholders, and gives all our stakeholders
the opportunity to participate in the upside potential this combination
represents."
Echlin, with annual sales of $3.5 billion, is a leading
producer of quality motor vehicle parts, with more than 140 operations and
28,000 employees spread across six continents.
