Mueller Industries, Inc. Announcement Regarding Covington, Tennessee Plant
April 03 2023 - 4:24PM
Business Wire
Mueller Industries, Inc. (NYSE: MLI) announced that its
manufacturing plant located in Covington, Tennessee, was damaged by
a tornado on Friday evening. All employees were safely located in
shelters and were without injury. The extent of the damage is
presently being assessed. The plant is one of our facilities that
produces copper fittings, which are primarily used in building
construction applications.
The Company has implemented plans to reallocate production to
other Mueller facilities, relocate equipment to temporary
alternative facilities, and secure third party sourcing
arrangements. Along with existing inventories, the Company expects
to provide ongoing and reliable supply to its customers. Finished
goods were stored in distribution centers away from the Covington
site, and those facilities are operating normally.
The losses, both property damage and business interruption, are
expected to be covered by existing insurance policies and programs.
Therefore, the Company believes that the impact of the tornado on
the Company’s financial results should be immaterial.
Mueller Industries, Inc. (NYSE: MLI) is an industrial
corporation whose holdings manufacture vital goods for important
markets such as air, water, oil and gas distribution; climate
comfort; food preservation; energy transmission; medical; aerospace
and automotive. It includes a network of companies and brands
throughout North America, Europe, Asia, and the Middle East.
Statements in this release that are not strictly historical may
be “forward-looking” statements, which involve risks and
uncertainties. These include economic and currency conditions,
continued availability of raw materials and energy, market demand,
pricing, competitive and technological factors, and the
availability of financing, among others, as set forth in the
Company’s SEC filings. The words “outlook,” “estimate,” “project,”
“intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,”
“appear,” and similar expressions are intended to identify
forward-looking statements. The reader should not place undue
reliance on forward-looking statements, which speak only as of the
date of this report. The Company has no obligation to publicly
update or revise any forward-looking statements to reflect events
after the date of this report.
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Jeffrey A. Martin (901) 753-3226
Mueller Industries (NYSE:MLI)
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