Contact: Diana Burton
732-767-2255
For Immediate Release
U.S. INDUSTRIES SPIN-OFF OF LIGHTING DIVISION TO BE TAX-FREE TO
SHAREHOLDERS
ISELIN, NJ, December 19, 2000 - U.S. Industries, Inc., (NYSE-USI) announced
today that its previously announced spin-off of its lighting and industrial
tools businesses, to be named LCA Group Inc., is now expected to be completed on
a non-taxable basis to USI and its shareholders. The company currently expects
the spin-off to take place in January 2001.
The Company previously anticipated that the spin-off would be a taxable event.
U.S. Industries owns several major businesses selling branded, consumer-oriented
building products to leading home centers and mass merchants. These brands
include Jacuzzi, Ames/True Temper, Sundance Spas, and Zurn, among others.
Disclosure Concerning Forward-Looking Statements
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Any forward-looking statements made in this release represent management's best
judgment as to what may occur in the future. Various economic and competitive
factors could cause actual results to differ materially from those discussed in
such forward-looking statements, including some factors which will be outside of
the control of the Company, such as consumer spending patterns, availability of
consumer credit, interest rates, currency exchange rates, inflation rates, the
level of residential and commercial construction, and the cost of raw materials,
along with other specific factors with respect to the Company's businesses as
set forth in the Company's reports and other documents filed with the Securities
and Exchange Commission.
