Mueller Co. buys back nearly $1.7M in share repurchase plan

Springfield-based stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) has concluded a multimillion-dollar share repurchase program announced nearly two months ago.

The tender offer closed earlier this month with 6,654 shares valued at nearly $1.7 million, according to a news release. Mueller Co. sought to invest up to $15 million to buy as many as 60,000 shares in the initiative that was announced March 31.

"The board believes that this offer reinforces the company’s commitment to return excess cash and provide a supplemental source of liquidity to its shareholders," Mueller Co. officials said in the late March announcement.

During the first quarter, Mueller Co. reported net income of $4.9 million, a 10.8% increase from $4.5 million a year earlier. Trade sales during the quarter rose to $58.9 million from $50.4 million a year earlier. The company also recently announced a planned $17.9 million investment to expand its components products facility at its Springfield headquarters for the second time since 2023.

The company's over-the-counter stock was trading at $339 as of 11:01 a.m., compared with a 52-week range of $76.77 to $339.67 per share.