Paul Mueller acquires distributor for $13M

Springfield-based Paul Mueller Co. has acquired a European distributor for $13 million.

Paul Mueller executed a share purchase agreement with KaJeMa Beheer BV, and the transaction was set to close Oct. 1, according to a news release. The agreement gives Paul Mueller all outstanding shares of the MEKO Group, which is wholly owned by KaJeMa. MEKO has been the European distributor for dairy farm milk coolers manufactured at Paul Mueller's Lichtenvoorde, Netherlands, facility for more than 20 years, the release said.

MEKO has about 120 employees, its 2007 sales were about $40.4 million, and net income for the year was $1.3 million, according to the release.