ATLANTA, Feb. 6 /PRNewswire-FirstCall/ -- Mueller Water Products, Inc.
(NYSE: MWA) 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 www.muellerwaterproducts.com.
Investor Contact: Martie Edmunds Zakas
Sr. Vice President - Strategic Planning & Investor Relations
770-206-4237
[email protected]
Media Contact: John Pensec
Director - Corporate Communications & Public Affairs
770-206-4240
[email protected]
SOURCE Mueller Water Products, Inc.
