Paul Mueller Co. invests nearly $12M to buy back shares

Paul Mueller Co. (OTC: MUEL) disclosed a nearly $12 million investment in buying back company shares.

Mueller Co. invested $11.9 million to buy 148,874 of its shares through the buyback program, according to a news release. The Springfield-based manufacturer's share tender offer expired May 7 after it was announced on March 15 and expanded on April 26, starting with a $10 million authorization and expanding up to $15 million.

Mueller Co. recently reported first-quarter earnings of $4.4 million, up from $3.7 million a year earlier.

The company's over-the-counter stock closed May 10 at $79 per share, compared with a 52-week range of $42.10 to $80.01 per share.