ATLANTA, Feb. 6 /PRNewswire-FirstCall/ -- Mueller Water Products, Inc. announced today that it is continuing to address the impact of the recession.
"On our quarterly earnings conference call earlier this week, I mentioned that we would be taking additional actions to address the impact the recession has had on our business," said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. "I also said that, since these actions would be directly impacting our employees, we wanted to communicate the actions we were taking to them first."
Included in the actions being implemented are temporary plant shutdowns to match production with market demand and to reduce costs. In addition, the Company has announced pay reductions of 20% for members of the Company's board of directors and most of its executive officers for the next three months. The Company also announced lesser reductions in base pay and/or reduced workweeks for other salaried employees.
"Meeting our customers' needs remains our top priority," said Hyland. "The actions we are taking will help us manage through this difficult economic environment, and we are confident of our ability to do so while maintaining our high levels of safety, quality and service. We continue to believe that the long-term prospects for our industry and the Company remain promising."
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 to differ materially from forecasted results. Those risks include, among others, changes in customer orders and demand for our products; changes in raw material prices, labor, equipment and transportation costs; pricing actions by the Company and its competitors; changes in law; the ability to attract and retain management and employees; the inability to successfully execute management strategies with respect to cost reductions, production increases or decreases, inventory control, and the integration of acquired businesses; and general changes in economic and financial conditions, residential and non-residential construction, and municipal spending. 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.
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 used by municipalities, as well as the residential and non-residential construction, oil and gas, HVAC and fire protection industries. With latest 12 months net sales of $1.8 billion, the Company is comprised of three operating segments: Mueller Co., U.S. Pipe and Anvil. Based in Atlanta, Georgia, the Company employs approximately 6,000 people. Mueller Water Products Series A common stock trades on the New York Stock Exchange under the ticker symbol MWA. For more information about Mueller Water Products, please visit the Company's Web site at http://www.muellerwaterproducts.com/.
Investor Contact: Martie Edmunds Zakas
Sr. Vice President - Strategic Planning & Investor Relations
770-206-4237
