Mueller Industries Inc (NYSE: MLI) said on Tuesday that it had acquired Elkhart Products Corporation, a US manufacturer of copper solder fittings.
However, no financial details were disclosed.
“We expect the addition of EPC to significantly accelerate the recovery of our Covington, Tennessee -based copper fittings business, which was substantially impacted by a tornado in March 2023. The acquisition will expand and complement our current business, while also providing redundant capabilities in the manufacturing of solder fittings,” Greg Christopher, Mueller’s Chief Executive Officer, said in a press release.
Stock Performance
The shares of Mueller Industries Inc (MLI) closed 3.60% ($2.36) higher at $67.87 in New York on Tuesday, as they snapped a three-day streak of losses.
The company’s total market cap now stands at $7.691 billion.
The shares of Mueller Industries Inc (MLI) went up 59.83% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 43.94% so far this year.
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