Paul Mueller Co. (OTC: MUEL) implemented a wage hike affecting 500 employees.
The increase, which went into effect June 28, boosted pay by $2.20 per hour for all hourly manufacturing workers, according to a news release.
“This was the right change to make for our co-workers and their families,” said Jennifer Hohensee, Mueller Co. human relations manager, in the release. “These wage increases, along with our people-focused culture, give us an edge as we look to welcome others onto our talented team."
The company is reviewing other hourly increases that are slated to go into effect by July 23.
Mueller Co. additionally announced hiring incentives for current and new employees. The company will offer $1,050 for referrals from current workers and $1,500 in sign-on bonuses for new employees.
The release did not indicate the company’s planned investment in the worker incentives, and a spokesperson could not be reached for comment by deadline.
Mueller Co.'s first quarter profits were up 49% to $1.3 million.
The stainless steel manufacturer's over-the-counter stock closed July 2 at $42.50 per share. Its 52-week range is $25.08 to $53 per share.
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