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WAXMAN INDUSTRIES WITHDRAWS PROPOSEDINITIAL PUBLIC OFFERING OF BARNETT SUBSIDIARY

 BEDFORD HEIGHTS, Ohio, May 14 /PRNewswire/ -- Waxman Industries, Inc. (NYSE: WAX), announced today that it has decided not to proceed with a proposed initial public offering of common stock by its Barnett Inc. subsidiary. The Company has determined that market conditions are not favorable and that it would be inadvisable to proceed with the offering at this time. Barnett consists of the operations comprising Waxman's Mail Order/Telemarketing Group.
 Waxman Industries, Inc. is a leading supplier to the home repair and remodeling market in the United States and Canada. In the U.S., the Company's plumbing, electrical and hardware products are sold primarily to home improvement centers, warehouse home centers, mass merchandisers, hardware stores, lumber yards and, through its mail order and telemarketing operations, to approximately 35,000 independent retailers, repair and remodeling contractors, property managers and locksmiths. The Company assembles, packages and markets many of these products under its proprietary trade names. In Canada, the Company is one of the largest suppliers of plumbing and heating products, serving approximately 10,000 customers across Canada, including repair and remodeling contractors, residential and commercial construction contractors and retailers.
 -0- 5/14/93
 /CONTACT: JEROME C. JACQUES (investors), Waxman Industries, Inc., 216-439-1830/
 (WAX)


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

LC -- CL016 -- 8815 05/14/93 17:08 EDT
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Publication:PR Newswire
Date:May 14, 1993
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