Upon anticipated closing in the third quarter of 2005, Mueller Water Products will become a wholly-owned subsidiary of Walter Industries. To support the financing of the acquisition, Walter Industries' subsidiary, U.S. Pipe, will become a part of Mueller Water Products when the acquisition closes. After the acquisition is completed, Mueller Water Products will continue to operate as its own company, as will U.S. Pipe, and the current leadership of both Mueller Water Products and U.S. Pipe will remain in place. Each will retain its name and headquarters locations. Anvil operations will continue as a part of the consolidated operations of Mueller Water Products.
Mueller Water Products is a leading North American manufacturer of a broad range of water infrastructure and flow control products for use in water distribution networks, water and wastewater treatment facilities, gas distribution systems and piping systems. Mueller Water Products operates through two business units: its water infrastructure products segment, a leading manufacturer of hydrants, valves and other products for use in water and gas distribution systems; and its piping systems products segment, a leading manufacturer of fittings, couplings, hangers and other products for use in piping systems applications.
Walter Industries is a diversified company with revenues of approximately $1.5 billion in 2004. Based in Tampa, FL, Walter employs approximately 5,100 people and is a leader in affordable homebuilding, related financing, and water transmission products, and is a significant producer of high-quality metallurgical coal for worldwide markets. With just over 2,000 employees, U.S. Pipe of Birmingham, Ala., is a leading producer of ductile iron pipe for potable water transmission in North America.