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Echlin Inc.
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SPX Corporation
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CONTACTS:
Charles A. Bowman George Sard/Anna Cordasco/Paul Caminiti
Director of Corporate Finance Sard Verbinnen & Co
(616) 724-5194 (212) 687-8080
ECHLIN SHAREHOLDERS DEMAND SPECIAL MEETING
SPX RECEIVES DEMANDS FROM OWNERS OF MORE THAN 43% OF ECHLIN SHARES;
UNDER CONNECTICUT LAW AND ECHLIN BY-LAWS, MEETING MUST BE HELD WITHIN 90 DAYS
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MUSKEGON, MI, MARCH 24, 1998 - SPX Corporation (NYSE: SPW) today
announced that shareholders of Echlin Inc. (NYSE: ECH) have demanded that
Echlin hold a special shareholder meeting to vote on replacing the Echlin
Board of Directors with SPX's nominees. SPX has received demands from
holders of more than 27 million Echlin shares, representing over 43% of
Echlin's outstanding shares, and will deliver these demands tomorrow to
Echlin.
Echlin is incorporated in Connecticut and, under the 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.
"This is a victory for all Echlin shareholders and for corporate
democracy in Connecticut and the country," said John B. Blystone, Chairman,
President and CEO of SPX. "We are pleased to have won the support of so
many Echlin shareholders so quickly to call a special shareholder meeting.
In this referendum, shareholders will have the opportunity to decide for
themselves whether they prefer Echlin's existing Board and its
'repositioning' plan or the SPX nominees and SPX's offer to acquire Echlin.
Now that Echlin's true owners have spoken, we are hopeful that Connecticut
will not enact special-interest legislation that would retroactively strip
shareholders of their fundamental right to vote."
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 www.spx.com.
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