U.S. Industries Restructures, Acquires Rexair

U.S. Industries Inc. completed the restructuring of its debt and the debt of Rexair Inc., which USI reacquired. The company is now accepting bids from potential purchasers of its businesses outside of its core Bath & Plumbing operations.

In other news, the company also reported continuing operations income of $13.6 million for the third quarter of the 2001 fiscal year, down from $35.6 million for the same period last year. USI Bath & Plumbing was also down for the third quarter at $324.7 million, compared to $388.8 million in 2000.