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ALLEN GROUP ANNOUNCES COMPLETION OF SALE OF ITS ALLEN TESTPRODUCTS BUSINESS

 BEACHWOOD, Ohio, June 11 /PRNewswire/ -- The Allen Group Inc. (NYSE: ALN) announced today that it has completed the sale of its Allen Testproducts division and its wholly owned leasing subsidiary, The Allen Group Leasing Corp., to SPX Corporation (NYSE: SPW) (Muskegon, Mich.). Allen Testproducts manufactures and sells automotive engine diagnostic and emission test equipment for the automotive service industry.
 At the closing, Allen Group received $25.7 million in cash and an 8 percent subordinated debenture of SPX Corporation in the amount of $20.8 million providing for payment of one-third of the principal, plus interest, on each of the next 3 anniversary dates of the closing. In addition, SPX assumed all of the leasing subsidiary's indebtedness to banks in the amount of $56.3 million.
 The Allen Group will also receive non-compete payments for the next 3 years from SPX based on the future combined net revenues of the Allen Testproducts division and SPX's automotive diagnostic and wheel service businesses. These payments are based on varying percentages of net revenues, ranging from 1.0 percent to 3.5 percent.
 While the purchase price was based on book value, Allen expects to recognize a net loss from disposition in its second quarter financial statements of approximately $2.5 - 3.0 million as a result of transaction costs, cumulative translation adjustments related to the Canadian operations of Allen Testproducts and certain transitional adjustments and reserves for contingencies solely related to this sale. Allen will report the current period's operating results of this business, through the date of sale, as a loss from discontinued operations in its second quarter financial statements.
 The Allen Group Inc. (NYSE symbol - ALN) manufactures and markets electronic and other mobile communications products for the wireless telecommunications industry, produces and sells truck components and operates centralized automotive emissions inspection programs.
 -0- 6/11/93
 /CONTACT: Robert A. Youdelman of The Allen Group Inc., 216-765-5820/
 (ALN SPW)


CO: The Allen Group; SPX Corporation ST: Ohio, Michigan IN: AUT TLS SU: TNM

BM -- CL007 -- 1034 06/11/93 11:10 EST
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Date:Jun 11, 1993
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