Cleaning & Restoration Breaking News

US Industries Reports 29.5% Stake In Megapro Tools

September 16, 2002
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WASHINGTON -(Dow Jones)- U.S. Industries Inc. owns a 29.5% stake in MegaPro Tools Inc., according to a Schedule 13D filed Monday with the Securities and Exchange Commission.

U.S. Industries, through its 100% owned subsidiary, USI Global, said it beneficially owns 3.5 million shares of MegaPro's common stock, and through some provisions may be deemed to be the beneficial owner of an additional 6 million common shares, representing a 50% stake in MegaPro.

U.S. Industries agreed to sell its U.K. unit, Spear & Jackson PLC, to MegaPro for the stake and other considerations. U.S. Industries said the sale, together with the recent sale of its SiTeco Lighting business, completes its disposal plan adopted in December.

MegaPro Tools manufactures tools and accessories.

U.S. Industries owns several major businesses selling bath and plumbing products, along with its consumer vacuum cleaner company.

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