Paul Mueller to create nearly 300 jobs

Paul Mueller Co. (OTC: MUEL.PK) today announced plans to add 289 jobs during a three-year period and invest $600,000 in equipment during the next five years.

Paul Mueller President and CEO David Moore said the stainless steel manufacturer would hire general manufacturers, welders, grinders and fabricators to meet orders through new clients Kansas City-based Boulevard Brewing Co. and Denver-based cheese and dairy manufacturer Leprino Foods.

The jobs are expected to pay above the Greene County average of $34,676 and include a comprehensive benefits package, officials said.

The news was welcome considering Paul Mueller had a second-quarter net loss of $1.2 million, brought on in part by $776,600 in severance and noncompete payments made to former President and CEO Matthew Detelich, who resigned earlier this year.

“Over the last four years, we have seen unprecedented changes in our product markets that have caused us to make some painful adjustments. Throughout that time, our employees have remained committed to the hard work required to make our company successful. Our company is experiencing a recovery in our Springfield facility due to the determination and steady progress of our employees in each of our product lines,” Moore said. “Even as we have added 80 jobs so far this year, our backlog of sold jobs continues to increase. Because of that, we are recruiting additional good people to contribute to the company’s future growth.”

Moore said the backlog has nearly doubled in the company’s most recent quarter.

The Springfield-based manufacturer has hired 89 new employees this year, bringing its total employee count to approximately 485.

Gov. Jay Nixon, who attended a news conference this morning held at Paul Mueller's 1600 W. Phelps St. headquarters, said the jobs initiative would aid the economies of Springfield and the state, particularly in the manufacturing sector.

“It’s always great news when any company makes plans for a strengthened investment in the state of Missouri and the creation of new jobs for hard-working Missourians. It is extra special when you're talking about a company like Paul Mueller Co., which has been a mainstay here in Springfield for seven decades,” Nixon said. “We’re supporting this expansion through a strategic package of economic development incentives the company will be eligible to receive after fulfilling the criteria for job creation.”

Paul Mueller, which was founded in 1940, manufactures stainless steel equipment and performs on-site construction, repair and maintenance.

The company's pink sheet stock closed Oct. 17 at $14.61 per share, compared to a 52-week range of $13.50 to $27.[[In-content Ad]]