MUEL - Paul Mueller offloads Mueller Field Operations subsidiary

Paul Mueller ([[MUEL]] -1.4%) signed a letter of intent to sell its entire equity interest in its wholly-owned subsidiary, Mueller Field Operations ((MFO)) to the management of MFO. The sale price of MFO is expected to be $6.6M with financing provided by the seller; final details are subject to a definitive sales agreement and post-closing adjustments.Transaction is expected to close by Dec.31, 2020.MFO was organized to enable the company to compete for larger contracts that required tank fabrication on-site and other field-installed equipment.Under the transaction, the parties will enter into a non-compete agreement and a supply arrangement outlining how the companies will continue to support one another.As of Sep.2020, MFO’s trailing 12-month revenue was $27.6M.

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Paul Mueller offloads Mueller Field Operations subsidiary