WASHINGTON (dpa-AFX) - Mueller Industries (MLI) has entered into a definitive agreement to acquire Nehring Electrical Works Company and certain of its affiliated companies for approximately $575 million, plus an additional $25 million earn out. Headquartered in DeKalb, Illinois, Nehring produces wire and cable solutions for the utility, telecommunication, electrical distribution, and OEM markets. For the twelve months ended December 31, 2023, Nehring's net sales were approximately $400 million.
Mueller said the acquisition, which will be funded with cash on hand, is expected to close during the second quarter of 2024. Mueller will retain significant cash reserves after the acquisition to support additional growth opportunities.
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