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MLI > SEC Filings for MLI > Form 8-K on 9-Aug-2013All Recent SEC Filings

Show all filings for MUELLER INDUSTRIES INC



Entry into a Material Definitive Agreement, Financial Statements and Exhib

Item 1.01 Entry into a Material Definitive Agreement.

On August 9, 2013, Mueller Industries, Inc. (the "Company") sold its Schedule 40 pressure plastic fittings product line along with certain drain, waste and vent ("DWV") fittings manufacturing assets to Boat Equipment, LLC (the "Purchaser"), a private, closely held company. Simultaneously, the Company entered into a lease agreement with the Purchaser to continue to manufacture and distribute Schedule 40 pressure plastic fittings through a transition period that may extend into 2014. The total sale price is $66.2 million, of which $61.2 million was received at closing and $5.0 million will be paid at the end of the pressure plastic fittings transition period. At the end of the transition period, the Company will cease manufacturing Schedule 40 pressure plastic fittings. The Company's Schedule 40 pressure plastic fittings product line is an immaterial component of its consolidated financial results. The Asset Purchase Agreement related to the sale described above, dated August 9, 2013, by and among the Purchaser, MCTP, LLC, Mueller Plastics Corporation, Inc. and the Company, is attached as Exhibit 10.1 hereto and is incorporated herein by reference.

Mueller will continue to be a manufacturer and supplier of DWV pipe and fittings. The Company extended its DWV fittings third party supply agreement to complement its product offering with purchased products that the Company does not competitively manufacture. This supply agreement was originally entered into after the majority of the Company's DWV fittings manufacturing assets were destroyed in the 2011 fire at its Wynne manufacturing campus. The extended supply agreement has an initial five year term.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

10.1    Asset Purchase Agreement, dated August 9, 2013, by and among Boat
        Equipment, LLC, MCTP, LLC, Mueller Plastics Corporation, Inc. and Mueller
        Industries, Inc.


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