ATLANTA, Jan. 5 /PRNewswire-FirstCall/ -- Mueller Water Products, Inc. (NYSE: MWA; MWA-B) announced today that it has acquired the assets of Fast Fabricators, Inc., one of the largest, independently-owned fabricators of ductile iron pipe serving the water and wastewater treatment plant market in the United States. The $24.5 million cash transaction closed on January 4, 2007.
"The acquisition of this pipe fabrication, coating and lining business will allow us to increase our product offering in the growing water and waste water treatment plant market, as well as increase the sales of our value-added ductile iron pipe products," said Mueller Water Products Chairman and CEO Gregory E. Hyland. "With locations in ten states, Fast Fabricators is strategically located close to a number of growing water infrastructure markets."
Fast Fabricators is based in Bloomfield, CT and currently employs approximately 265 people. It is not expected that the acquisition will affect any jobs or locations. Patrick J. Sullivan will continue in his role as President of Fast Fabricators.
About Mueller Water Products
Mueller Water Products is a leading North American manufacturer and marketer of infrastructure and flow control products for use in water distribution networks and treatment facilities. Its broad product portfolio includes engineered valves, hydrants, ductile iron pipe and pipe fittings, which are utilized by municipalities, as well as the commercial and residential construction, oil and gas, HVAC and fire protection industries. With revenues of approximately $1.9 billion, the Company is comprised of three main operating segments: Mueller Co., U.S. Pipe and Anvil. Based in Atlanta, Georgia, the Company employs approximately 7,000 people. For more information about Mueller Water Products, please visit the Company's web site at http://www.muellerwaterproducts.com/
Safe Harbor Statement
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods of Mueller Water Products, Inc. to differ materially from forecasted results. Those risks include, among others, changes in customers' demand for our products, changes in raw material pricing, labor, equipment and transportation costs, changes in customer orders, pricing actions by the Company's competitors, changes in law, the inability to successfully integrate an acquired business, and general changes in economic conditions. Risks associated with forward-looking statements are more fully described in our filings with the Securities and Exchange Commission. Mueller Water Products assumes no duty to update its forward-looking statements as of any future date.
Investor Contact: Martie Edmunds Zakas
Sr. Vice President - Strategic Planning & Investor Relations
770.206.4237
