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Echlin Inc.
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(4) Date Filed: Paul Ryder
Vice President
Investor Relations
ECHLIN ASKS COURT TO FORCE SPX TO
CORRECT FALSE AND MISLEADING STATEMENTS
BRANFORD, Conn., April 14, 1998---Echlin Inc. (NYSE:ECH), the
global motor vehicle parts manufacturer is filing today a motion in the U.S.
District Court for the District of Connecticut to seek a preliminary
injunction requiring SPX Corporation to cease its campaign of false and
misleading statements about the results of its solicitation of demands for a
special meeting of Echlin shareholders. The requested preliminary injunction
would also prohibit SPX from taking any further steps in that solicitation
until it has corrected its previous false and misleading statements. Echlin
further announced that it believes a preliminary injunction motion filed
yesterday by SPX, which would require Echlin to hold a special meeting of
shareholders by June 23, ignores controlling principles of Connecticut law and
is without merit.
Jon P. Leckerling, Secretary and General Counsel of Echlin
said, "SPX has failed to follow the requirements of Connecticut law. Now that
the various deficiencies of the demands that SPX purported to deliver have
been identified, Mr. Blystone attempts to blame everyone in sight for SPX's
errors, except the only parties where the blame truly belongs SPX and its
advisors. We are merely asking the court to make SPX observe the requirements
of state and federal law."
As announced on April 6, 1998, Echlin has determined that a
substantial number of the demands submitted by SPX were deficient because SPX
solicited them from shareholders using a record date other than February 17,
1998, the correct record date. Additionally, many of the demands that SPX
delivered do not contain proxies necessary to trace such demands to a
registered shareholder.
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