Springfield, Mo., Sept. 30, 2008 - On September 30, 2008, Paul Mueller Company executed a definitive Share Purchase Agreement with KaJeMa Beheer B.V. to purchase all of the outstanding shares of all the companies in the MEKO Group, which are wholly owned by KaJeMa.
MEKO is the European distributor for dairy farm milk coolers manufactured by Mueller's manufacturing facility located in Lichtenvoorde, The Netherlands. MEKO has handled distribution of Mueller's milk coolers for over twenty years. The purchase price was approximately $13,000,000, and the transaction is scheduled to close on October 1, 2008. MEKO has approximately 120 employees, and sales for 2007 were about $40,400,000, and net income for the year was about $1,300,000.
Mueller is one of the leading manufacturers of processing systems and has invested extensively in equipment and personnel to increase its product and service capability, with a focus on providing customers with a complete process solution. The Company has about 1,100,000 square feet of manufacturing space with more than 1,100 employees. The Company has qualified and experienced employees in product development, engineering, and manufacturing; and it produces stainless-steel systems designed to meet the highest quality standards for a wide variety of industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; heat transfer and heat recovery; HVAC; and thermal energy storage and cooling applications on dairy farms worldwide.