Business Services Industry
N.Y. firm ups stake in Waxman Industries
Crain's Cleveland Business, July, 1998 by Serres, Christopher
A Lake Place, N.Y., asset management firm has increased its stake in Waxman Industries Inc. of Bedford Heights to 7.78% from 6.93%, according to a July 14 filing with the Securities and Exchange Commission. Mitchell & Henry Inc. in the last week of June bought 112,000 shares for $403,200, an average of $3.60 a share.
Mitchell & Henry chief financial officer Thomas Mitchell said his firm bought the shares based on the expectation that Waxman would sell its 43% stake in Barnett Inc., a hardware distributor from Jacksonville, Fla. Waxman, which sells plumbing and security hardware to home retailers, informed shareholders last January that it was looking to sell all or part of its stake in Barnett to reduce its $130 million debt. Such a sale should boost Waxman's stock...
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