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U.S. Industries sells lighting unit
By Jenny Spitz, CBS.MarketWatch.com
Last Update: 1:02 PM ET March 20, 2002




ISELIN, N.J. (CBS.MW) - Shares of U.S. Industries soared 29 percent Wednesday after the provider of building products agreed to sell its domestic lighting operations to electrical products maker Hubbell for $250 million.

U.S. Industries (USI: news, chart, profile) shares rose 79 cent to $3.55 in midday action. Hubbell (HUBA: news, chart, profile) shares were off 53 cents at $31.42.

The sale is expected to close in the second quarter, the company said, adding that proceeds from the sale will be used for amortization under the company's restructured credit facilities.

U.S. Industries announced it had restructured its debt back in July of 2001 and said it would begin evaluating offers for its core bath and plumbing products. In December, the Iselin, N.J. firm announced an agreement to sell its Ames True Temper business to Wind Point Partners for $165 million.

Jenny Spitz is headline editor for CBS.MarketWatch.com in San Francisco


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