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ESSEX INDUSTRIES EXTENDS OFFER FOR SENIOR SUBORDINATED NOTES OF AMSTAR CORPORATION

                 ESSEX INDUSTRIES EXTENDS OFFER FOR
           SENIOR SUBORDINATED NOTES OF AMSTAR CORPORATION
    NEW HAVEN, Conn., Dec. 16 /PRNewswire/ -- ESSEX Industries, Inc. announced today that it is extending its cash tender offer for $100,000,000 principal amount of Amstar Corporation's 11-3/8 percent senior subordinated notes at a price of $550 per $1,000 principal amount thereof plus interest accrued thereon from Aug. 15, 1991 to the date of acceptance for payment.  The offer and withdrawal rights will now expire at 5:00 p.m., EST, on Monday, Dec. 16, 1991.  The offer was previously scheduled to expire at 5:00 p.m. on Friday, Dec. 13, 1991.
    ESSEX has been informed by Chemical Bank, the depositary for the offer, that to date, approximately $3,372,000 principal amount of senior subordinated notes have been tendered pursuant to the offer.
    Merrill Lynch & Co. has been retained to act as dealer manager with respect to the offer.
    ESSEX and Amstar are wholly owned subsidiaries of ESSTAR Incorporated.  Affiliates of Merrill Lynch Capital Partners hold an aggregate of approximately 89 percent of the voting power of ESSTAR. ESSEX is a leading manufacturer and distributor of architectural hardware and related products.  Amstar is a leading manufacturer and distributor of portable electric tools.
    -0-        12/16/91
    /CONTACT:  Kenneth J. Jones of ESSEX Industries, 203-777-2274/ CO:  ESSEX Industries, Inc.; Amstar Corporation ST:  Connecticut IN: SU: FC-OS -- NY014 -- 2382 12/16/91 09:11 EST
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Publication:PR Newswire
Date:Dec 16, 1991
Words:239
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