September 30, 2008
Mueller Acquires Distributor
SPRINGFIELD, Mo., Sept. 30, 2008 (GLOBE NEWSWIRE) -- On September 30, 2008, Paul Mueller Company (Pink Sheets:MUEL) (Mueller) executed a definitive Share Purchase Agreement with KaJeMa Beheer B.V. to purchase all of the outstanding shares of all the companies in the MEKO Group (MEKO), which are wholly owned by KaJeMa.
MEKO is the European distributor for dairy farm milk coolers manufactured by Mueller's manufacturing facility located in Lichtenvoorde, The Netherlands. MEKO has handled distribution of Mueller's milk coolers for over twenty years. The purchase price was approximately $13,000,000, and the transaction is scheduled to close on October 1, 2008. MEKO has approximately 120 employees, and sales for 2007 were about $40,400,000, and net income for the year was about $1,300,000.
Mueller is one of the leading manufacturers of processing systems and has invested extensively in equipment and personnel to increase its product and service capability, with a focus on providing customers with a complete process solution. The Company has about 1,100,000 square feet of manufacturing space with more than 1,100 employees. The Company has qualified and experienced employees in product development, engineering, and manufacturing; and it produces stainless-steel systems designed to meet the highest quality standards for a wide variety of industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; heat transfer and heat recovery; HVAC; and thermal energy storage and cooling applications on dairy farms worldwide.
This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance, growth, conditions or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors, including but not limited to the factors described on page 28 of the Company's 2007 Annual Report. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.
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CONTACT: Paul Mueller Company Donald E. Golik, Executive Vice President & CFO (417) 831-3000 Springfield, Missouri