Stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) has started a nearly $4 million expansion project at its Springfield campus.
A Nov. 27 groundbreaking ceremony at the campus – 1600 W. Phelps St., southwest of the intersection at Kansas and Chestnut expressways – officially started Phase I expansion for the company's component products division, according to a news release.
"This marks a strategic growth move during a strong 2023," officials said in the release. "The components team’s exceptional performance has paved the way for these expansions."
The component products team at Mueller Co. manufactures and ships supplies to industries including beverage, chemical and oil/gas, according to the company's website.
Phase I is designed to add 11,000 square feet of manufacturing space. Phase II is slated to follow after completion of Phase I, which is expected in late 2024, according to the release.
Spokesperson Denise Silvey said via email the technical and financial plans for Phase II remain under development.
Mueller Co. in the third quarter reported a 462% increase in profits to $5.5 million.
The company's over-the-counter stock closed Dec. 1 at $55 per share.
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