YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Springfield-based stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) met its target for a share repurchase program that started in October.
The company repurchased 31,000 of its shares for a total investment exceeding $15 million, according to a news release. The share buyback program, which ran Oct. 24-Nov. 21, was authorized by the board last month for up to 31,000 shares.
"After the completion of the tender offer, the outstanding shares are 898,883," company officials said in the release.
During the third quarter, Mueller Co.'s profits decreased to $4.9 million from $7.3 million a year earlier, according to past reporting. Net sales during the third quarter dipped slightly to $61.4 million.
The company's over-the-counter stock closed yesterday at $455.06 per share. The stock's 52-week range is $184.06 to $575 per share.
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