ECHLIN &lt;ECH> BUYS STAKE IN CHAMPION PARTS&lt;CREB>

  Champion Parts Rebuilders Inc
  said Echlin Inc has bought a 20 pct stake in it by acquiring
  600,000 newly issued shares and warrants to buy another 300,000
  shares at 9.20 dlrs each, for a total investment of 5,400,000
  dlrs.
      The newly issued shares raises Champion's outstanding
  shares to 3,113,074.
      There are no voting restrictions on the new shares.
  Champion's board will be expanded to include two or three
  independent persons suggested by Echlin, it said.
      Champion will use the proceeds to pay down long-term debt,
  it said.
      Echlin has agreed to limits on buying additional Champion
  shares and its ability to seek control of Champion during the
  next seven years, Champion said.
      Echlin will also receive protection against the decline in
  price of Champion's stock for seven years. Echlin could receive
  a one-time payment, at its option in cash or stock, ranging
  from up to one dlrs a share in 1989 to four dlrs a share in
  1992 to 1994, to the extent the market price of Champion shares
  is less than nine dlrs a share at those times.
  

