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2005-10-14 -- Seattle, WA, USA -- (Jobwerx News) --

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Major Acquisition in the Water Flow Control Industry

Diversified company of water products, acquires a leading supplier of flow control products in the water infrastructure industry.

Walter Industries, Inc., Tampa, Florida, USA, announces the acquisition of Mueller Co. Water Products Division, a leading supplier of flow control products for the water infrastructure industry.

Mueller Co. has a long history of trust and leadership in the American flow control industry. Mueller Co. was founded in Decatur, Illinois in 1857 by Hieronymus Mueller, a German immigrant who had a passion for craftsmanship and a desire to search out the better way to do virtually everything he put he hands to. Early innovations included the invention of the pressure regulator valve, which also provided the basis for large specialty valves installed to protect the lock gates of the Panama Canal. Many innovative Mueller products have been adopted as standards by both the water and gas industries, and are now the products on which many other manufacturers pattern their own.

Mueller Co. Water Products Division

Water products from Mueller include components necessary for distribution mains and services, from the source of 12 plant Locations in North America to the customer - including all types of brass and iron valves, hydrants, service fittings, saddles, meter setters and pits, pipe repair products, drilling and tapping machines, tools, meters and automatic meter reading systems (AMR).

Walter Industries, Company Chairman and CEO Gregory E. Hyland said, "The acquisition of Mueller, combined with U.S. Pipe, gives us meaningful scale in the water infrastructure market which we believe will continue to be a growth industry for many years to come."

The Company said it continues to expect the acquisition to be accretive by $0.20 to $0.24 per diluted share in the first full year after closing, excluding integration-related impacts and effects of purchase accounting. Integration benefits of $25 - $35 million are expected on a run-rate basis within the first 24 months and could be substantially higher as further production, purchasing and sales improvements are realized.

Walter Industries will provide fourth quarter earnings expectations, including expected earnings resulting from the Mueller transaction, when it reports its third quarter results on Oct. 26, 2005. These earnings expectations will include an estimate of the impact from purchase accounting adjustments and integration-related charges.

As part of the transaction, Walter Industries and Mueller Group entered into new credit facility agreements, arranged by Banc of America Securities, LLC and Morgan Stanley Senior Funding, Inc., consisting of:

_ $675 million in senior secured credit facilities by Walter Industries, comprised of a $450 million term loan and a $225 million bank revolver.

_ $1.195 billion in senior secured credit facilities by Mueller Group, comprised of a $1.05 billion term loan and a $145 million bank revolver.

The new term loans and initial draws from the revolvers were used to purchase Mueller, refinance outstanding bank debt and pay transaction expenses. Going forward, the balance of the revolvers will be used for general corporate purposes.

Walter Industries, Inc. is a diversified company and is a leader in affordable homebuilding, related financing, water transmission products, and is a significant producer of high-quality metallurgical coal for worldwide markets.

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