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Paul Mueller Company Signs Letter of Intent for the Sale of Its Mueller Field Operations, Inc. Subsidiary
SPRINGFIELD, Mo., Dec. 11, 2020 (GLOBE NEWSWIRE) Paul Mueller Company, Inc. (Symbol: MUEL) announced today it signed a letter of intent to sell its entire equity interest in its wholly-owned subsidiary, Mueller Field Operations, Inc. (MFO), to the management of MFO. This ends a nearly year-long, national marketing effort with an investment bank. The transaction is expected to close by December 31, 2020.
MFO was organized in 1998 as a Paul Mueller Company subsidiary to enable the company to compete for larger contracts that required tank fabrication on-site and other field-installed equipment. MFO activities and services are different than those of the parent company, and this transaction will allow each to focus on their respective specialties.