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                                                                    EXHIBIT 20.2



                                  PRESS RELEASE



FROM:                 INDESCO INTERNATIONAL, INC.

RELEASE DATE:         OCTOBER 16, 2000


        INDESCO INTERNATIONAL, INC. ANNOUNCES (I) ESTABLISHMENT OF $25 MILLION
        CREDIT FACILITY WITH CIT GROUP/BUSINESS CREDIT INC., (II) RETENTION OF
        THE BLACKSTONE GROUP; AND (III) ELECTION TO WITHHOLD INTEREST PAYMENT ON
        SUBORDINATED INDENTURE


Monday, October 16, 2000


        Indesco International, Inc. ("Indesco") announced today that it and its
wholly owned subsidiaries AFA Products, Inc. ("AFA") and Continental Sprayers,
Inc. ("CSI"), have entered into a Financing Agreement with the CIT
Group/Business Credit Inc. ("CIT"). The $25,000,000 credit facility was funded
on October 16, 2000 and consists of a $10,000,000 term loan to AFA, a $5,000,000
term loan to CSI and a revolving line of credit of up to $10,000,000. The
proceeds of the CIT facility have been used to retire Indesco's indebtedness to
First Union National Bank. After giving effect to the First Union payoff, the
CIT facility provides in excess of $10,000,000 of liquidity to permit AFA and
CSI to fully fund its operational needs and provides the necessary flexibility
for Indesco during the restructuring process described below.
        Indesco also announced that it has engaged The Blackstone Group to
assist Indesco in exploring strategic alternatives for Indesco and its
subsidiaries including but not limited to a rationalization of Indesco's capital
structure. Toward that end, Indesco intends to promptly initiate discussions
with holders of its 9.75% Series B Senior Subordinated



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Notes Due 2008 (the "Subordinated Notes") with the goal of a restructuring of
Indesco's balance sheet.
        Consistent with Indesco's contemplated restructuring, Indesco has
elected to take advantage of the 30 day grace period contained in that certain
Subordinated Indenture dated as of April 23, 1998 and not pay the interest due
October 15, 2000 under the Subordinated Notes. This decision was based upon
Indesco's need to reinvest its capital resources into product development and
other capital assets in order to better compete in the marketplace and to foster
growth.
        Ariel Gratch, Chairman of the Board of Indesco, stated: "The actions
announced today are each designed to ensure that Indesco and its subsidiaries
are properly positioned and adequately financed to effectively compete in the
marketplace. Applying our cash flow and capital resources towards investment in
product development and modern manufacturing capabilities will strengthen our
company and allow us to provide our customers with the benefits of being a
low-cost manufacturer. We anticipate that business operations will continue
without disruption as the process of restructuring runs its course."
        Indesco, AFA and CSI are among the global leaders in the development,
manufacture and sale of liquid dispensing systems, primarily plastic trigger
sprayers used in household consumer products and lawn and garden applications.


Company Contact:      William Maloney
                      212-446-0381

        This new release contains forward-looking statements that are subject to
        certain risks and uncertainties that could cause actual results to
        differ materially from those projected. The most significant among these
        risks and uncertainties are (1) increased competition from either
        domestic or foreign producers of competitive products, including
        increases in more competitive capacity through development of new
        technologies, (2) variations in demand for the Company's products, (3)
        changes in the costs or availability of raw materials used in
        production, (4) costs of compliance with new environmental laws and
        regulations, and (5) inability to effectuate a consensual restructuring.




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