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Echlin Inc.
(Name of Registrant as Specified In Its Charter)
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SPX Corporation
(Name of Person(s) Filing Proxy Statement, if other than Registrant)
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Contacts:
Charles A. Bowman
SPX Director of Corporate Finance
(616) 724-5194
George Sard/Anna Cordasco/Paul Caminiti
Sard Verbinnen & Co
(212) 687-8080
SPX ASKS COURT TO COMPEL ECHLIN TO CALL SPECIAL SHAREHOLDER MEETING
MUSKEGON, MICHIGAN, APRIL 13, 1998 - SPX Corporation (NYSE: SPW) today
announced that it has asked the U.S. District Court for the District of
Connecticut to compel Echlin Inc. (NYSE: ECH) to set a date by April 24,
1998 for a special meeting of Echlin's shareholders, and for other relief.
More than 50% of Echlin shareholders have demanded such a meeting, far
above the required 35% under Connecticut law and Echlin's own by-laws.
"We are simply asking the Court to compel Echlin to hold on a timely
basis the special meeting its shareholders have already demanded," said
John B. Blystone, Chairman, President and CEO of SPX. "While Echlin
persists in disenfranchising its own shareholders - first by attempting to
change Connecticut law and now through frivolous litigation - SPX will
continue to take all appropriate action to see that Echlin shareholders are
given the opportunity to decide for themselves who they want to run their
company."
On March 25, 1998, SPX delivered to Echlin demands from owners of
approximately 29 million Echlin shares, representing 45.8% of Echlin's
outstanding shares, to hold a special shareholder meeting to vote on
replacing the Echlin board of directors with SPX's nominees. SPX
subsequently delivered additional demands for a special shareholder meeting
to Echlin, bringing the total to approximately 31.8 million Echlin shares,
representing in excess of 50% of Echlin's outstanding shares.
Under Connecticut law and Echlin's own by-laws, Echlin 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.
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.
