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WAXMAN INDUSTRIES ANNOUNCES PROPOSEDINITIAL PUBLIC OFFERING OF BARNETT SUBSIDIARY

 BEDFORD HEIGHTS, Ohio, March 2 /PRNewswire/ -- Waxman Industries, Inc. (NYSE: WAX), a leading supplier to the home repair and remodeling market throughout the United States and Canada, announced today that Barnett Inc., a wholly-owned subsidiary of Waxman, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering. Barnett proposes to offer 2,100,000 shares of its common stock at a currently estimated initial public offering price of between $9.00 and $10.00 per share. Subsequent to the sale, Waxman will own approximately 83 percent of the outstanding shares of Barnett. Ladenburg, Thalmann & Co. Inc. is the managing underwriter of the proposed offering.
 The net proceeds of the offering will be used to repay indebtedness of Barnett to Waxman. Waxman intends to use the repayment to reduce outstanding indebtedness.
 Barnett Inc., headquartered in Jacksonville, Fla., will consist of the operations comprising Waxman's Mail Order/Telemarketing Group. Barnett markets and distributes plumbing, electrical and hardware products to independent retailers, plumbing and electrical repair contractors and locksmiths through a mail order and telemarketing program and a nationwide network of thirty mail order warehouses.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 3/2/93
 /CONTACT: Jerome C. Jacques (investors) of Waxman Industries, Inc., 216-439-1830/
 (WAX)


CO: Waxman Industries, Inc. ST: Ohio IN: CST SU: OFR

BM -- CL015 -- 2185 03/02/93 17:45 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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