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Mueller Industries, Inc. (MLI) has agreed to acquire Nehring Electrical Works Company for approximately $575 million, with an additional $25 million earn out. Nehring, a producer of wire and cable solutions, had annual net sales of around $400 million in 2023. The acquisition is expected to boost Mueller's presence in the electrical and power infrastructure sector, leveraging synergies between the two companies. Mueller anticipates the acquisition to enhance its 2024 financial results and benefit from future infrastructure investments.
Mueller Industries, Inc. (MLI) ha concordato l'acquisizione di Nehring Electrical Works Company per circa 575 milioni di dollari, con un ulteriore earn out di 25 milioni di dollari. Nehring, un produttore di soluzioni per cavi e fili, ha registrato vendite nette annuali di circa 400 milioni di dollari nel 2023. Si prevede che l'acquisizione potenzierà la presenza di Mueller nel settore dell'infrastruttura elettrica e energetica, sfruttando le sinergie tra le due aziende. Mueller prevede che l'acquisizione migliorerà i risultati finanziari del 2024 e trarrà vantaggio dagli investimenti futuri in infrastrutture.
Mueller Industries, Inc. (MLI) ha acordado adquirir Nehring Electrical Works Company por aproximadamente 575 millones de dólares, con un earn out adicional de 25 millones de dólares. Nehring, un productor de soluciones de alambre y cable, tuvo ventas netas anuales de alrededor de 400 millones de dólares en 2023. Se espera que la adquisición aumente la presencia de Mueller en el sector de infraestructura eléctrica y de energía, aprovechando las sinergias entre ambas compañías. Mueller anticipa que la adquisición mejorará sus resultados financieros de 2024 y se beneficiará de futuras inversiones en infraestructura.
뮐러 인더스트리즈(Mueller Industries, Inc., MLI)가 네링 일렉트리컬 웍스 컴퍼니(Nehring Electrical Works Company)를 약 5억 7500만 달러에 인수하기로 합의했으며, 추가로 2500만 달러의 언아웃(Earn out)이 이루어질 예정입니다. 네링은 2023년에 연간 순매출이 약 4억 달러였던 와이어 및 케이블 솔루션 제조업체입니다. 이번 인수는 뮐러가 전기 및 전력 인프라 부문에서의 입지를 강화하고 두 회사 간의 시너지를 활용할 것으로 기대됩니다. 뮐러는 이 인수가 2024년 재무 결과를 개선하고 향후 인프라 투자로부터 이익을 얻을 것으로 예상합니다.
Mueller Industries, Inc. (MLI) a convenu d'acquérir Nehring Electrical Works Company pour environ 575 millions de dollars, avec un earn out supplémentaire de 25 millions de dollars. Nehring, un producteur de solutions de fils et câbles, a réalisé un chiffre d'affaires net annuel d'environ 400 millions de dollars en 2023. L'acquisition devrait renforcer la présence de Mueller dans le secteur de l'infrastructure électrique et énergétique, en exploitant les synergies entre les deux entreprises. Mueller prévoit que l'acquisition améliorera ses résultats financiers en 2024 et bénéficiera des investissements futurs dans les infrastructures.
Mueller Industries, Inc. (MLI) hat zugestimmt, die Nehring Electrical Works Company für etwa 575 Millionen Dollar zu erwerben, mit einem zusätzlichen Earn-out von 25 Millionen Dollar. Nehring, ein Hersteller von Draht- und Kabelsystemen, erzielte im Jahr 2023 einen Jahresnettoumsatz von rund 400 Millionen Dollar. Es wird erwartet, dass die Übernahme Muellers Präsenz im Bereich Elektro- und Energieinfrastruktur stärkt und Synergien zwischen den beiden Unternehmen nutzt. Mueller erwartet, dass die Übernahme die Finanzergebnisse für 2024 verbessert und von zukünftigen Infrastrukturinvestitionen profitiert.
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Insights
In assessing the acquisition of Nehring Electrical Works Company by Mueller Industries, one can highlight the strategic importance of the move within the industrial sector. The purchase price of roughly $575 million, with an additional $25 million earn-out, is sizable and warrants a detailed financial scrutiny. The acquisition is poised to enhance Mueller's portfolio within electrical and power infrastructure, an area that is gaining increasing focus with the global shift towards more sustainable energy solutions.
From a financial standpoint, the deal's purported accretiveness to Mueller's 2024 financial results is noteworthy. Nehring’s impressive annual net sales of approximately $400 million imply a revenue multiple of around 1.4x, considering the base acquisition price. This multiple will likely be evaluated against industry norms and historical transactions to determine its relative attractiveness. The mention of Nehring’s attractive margin and cash flow profile suggests potential for a healthy return on investment, especially in the context of the anticipated infrastructure investment cycle.
The acquisition is indicative of a broader industry trend where companies in the industrial sector are consolidating to capture larger market shares and synergies. Mueller's specific mention of leveraging expertise in metals like copper and aluminum points towards strategic vertical integration, potentially securing supply chains and optimizing production costs. With the current emphasis on infrastructure investment, particularly in the realms of utility and telecommunications – sectors Nehring serves – Mueller is positioning itself to meet the projected demand surge.
Furthermore, Mueller's intention to hold significant cash reserves post-acquisition underscores a strategic plan to remain agile for future growth opportunities. For investors, this signals a deliberate approach to balance expansion with financial prudence, which may increase confidence in Mueller's long-term strategic plan and execution capabilities.
COLLIERVILLE, Tenn.--(BUSINESS WIRE)--
Mueller Industries, Inc. (NYSE: MLI) today announced that it has entered into a definitive agreement to acquire Nehring Electrical Works Company and certain of its affiliated companies (collectively, “Nehring”) for approximately $575 million, subject to customary purchase price adjustments, plus an additional $25 million earn out. Founded in 1912 and headquartered in DeKalb, Illinois, Nehring produces high-quality wire and cable solutions for the utility, telecommunication, electrical distribution, and OEM markets. Operating through its three business units (Nehring Electrical Works Company, Conex Cable, L.L.C., and Unified Wire & Cable, Inc.), Nehring is a recognized and trusted supplier to numerous utilities, REAs, municipalities, telecommunications and electrical distribution companies throughout the U.S. For the twelve months ended December 31, 2023, Nehring’s annual net sales were approximately $400 million.
Greg Christopher, Mueller’s CEO commented, “We are excited to welcome Nehring into our portfolio of companies. This acquisition provides a substantial platform for long-term growth in the electrical and power infrastructure space and complements the other critical infrastructure sectors we support. In addition to its operational culture, which is well aligned with our own, the addition of Nehring leverages our deep expertise in metals, particularly copper and aluminum extrusion, and provides synergies to both companies.”
Mr. Christopher added, “The acquisition is expected to be accretive to our 2024 financial results. Moreover, Nehring’s attractive margin and cash flow profile, combined with significant investments that are underway, make it well positioned to benefit from the highly anticipated infrastructure investment cycle to come.”
The acquisition, which will be funded with cash on hand, is expected to close during the second quarter of 2024, subject to regulatory approval and customary closing conditions. Mueller will retain significant cash reserves after the transaction to support additional growth opportunities.
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 risks relating to the timely satisfaction of the conditions to the closing of the Nehring acquisition and our ability to successfully realize the anticipated benefits of the transaction, 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.
What is the acquisition amount for Nehring Electrical Works Company by Mueller Industries, Inc.?
Mueller Industries, Inc. (MLI) is acquiring Nehring Electrical Works Company for approximately $575 million, with an additional $25 million earn out.
Where is Nehring Electrical Works Company headquartered?
Nehring Electrical Works Company is headquartered in DeKalb, Illinois.
What are the main markets served by Nehring Electrical Works Company?
Nehring Electrical Works Company serves the utility, telecommunication, electrical distribution, and OEM markets.
What were Nehring Electrical Works Company's annual net sales in 2023?
Nehring Electrical Works Company's annual net sales were approximately $400 million in 2023.
When is the expected closing date for the acquisition of Nehring Electrical Works Company by Mueller Industries, Inc.?
The acquisition of Nehring Electrical Works Company by Mueller Industries, Inc. is expected to close during the second quarter of 2024, subject to regulatory approval and customary closing conditions.
