Paul Mueller Co. plans $20M expansion at Springfield HQ

Stainless steel manufacturer Paul Mueller Co. (OTC: MUEL) is planning a multimillion-dollar expansion at its Springfield headquarters.

The company announced in a news release that the $20 million expansion would add 100,000 square feet to its 1600 W. Phelps St. campus at the intersection of Kansas and Chestnut expressways.

"Due to record backlog growth over the previous 24 months and strong financial performance, the company is investing in infrastructure to sustain its ongoing expansion," officials said in the release, noting the new square footage would be "dedicated to production and enhancing the company’s research and development initiatives."

Construction is expected to start this fall and wrap a year later.

A company spokesperson could not be reached for comment by deadline for additional details of the project.

Mueller Co. broke ground in November 2023 on a nearly $4 million, 11,000-square-foot expansion project at its headquarters, according to past Springfield Business Journal reporting. At the time, a second phase of the project was in the works.

The latest expansion announcement came the same day that Mueller Co. released its second-quarter financial report.

In a separate release, Mueller Co. reported second-quarter net income of $6.8 million, a 41.4% increase from $4.8 million in the same three-month period of 2023.

The company's over-the-counter stock yesterday hit a 52-week high of $140.01 per share. The stock's 52-week low is $44.10 per share.