.
                                                                               .
                                                                               .

MAXCO, INC. AND SUBSIDIARIES
EXHIBIT 21 - SUBSIDIARIES OF MAXCO, INC.

                           SUBSIDIARIES OF MAXCO, INC.



                                                          State of
                                                        Incorporation
                                                        -------------
                                                     
Atmosphere Annealing, Inc.                                Michigan

PSICO, Inc. (formerly Pak-Sak Industries, Inc.)           Michigan

Parcco, Inc.                                              Michigan