Walter Industries buys Mueller Water Products Inc. for $1.9 billion
Adding to Rob's recent postings about water infrastructure, Walter Industries today announced the acquisition Mueller Water Products for $1.9B, broken down into $860M of cash, and $1.05B of debt (Walter Industries will assume Mueller's debt). Mueller Water Products had $1.1B of 2004 revenues, according to this St. Petersburg Times article. To view the press release, click here.
Walter Industries plans to slot Mueller into its U.S. Pipe's subsidiary. This blog has noted before the expectation of increased water infrastructure spending, and that corporates such as GE are gearing up in anticipation of this. Here's what Don DeFosset, Walter's Chairman and CEO, says: "We have been tracking Mueller's growth and compatibility with U.S. Pipe for some time, and we are excited to have the opportunity to bring these businesses together. The complementary fit of Mueller's water infrastructure and U.S. Pipe's water transmission business makes us ideal partners, well positioned to benefit from increased water infrastructure spending in North America."