TAMPA, Fla., Dec. 7 /PRNewswire-FirstCall/ -- Walter Industries, Inc.
(NYSE: WLT) announced today that, in association with the previously
announced spin-off of Mueller Water Products, Inc. (NYSE: MWA), Walter
Industries' shareholders of record as of Dec. 6, 2006 would receive
1.6524432 shares of Mueller Water Products Series B common stock on Dec.
14, 2006.
Only whole shares of Mueller Water Products Series B common stock will
be delivered to shareholders. Fractional shares of Mueller Water Products
Series B common stock will not be distributed. Instead, shareholders
entitled to a fractional share of Mueller Water Products Series B common
stock will receive a cash payment for their fractional share interest.
About Walter Industries
Walter Industries, Inc. is a diversified company with consolidated
annual revenues of approximately $3.2 billion. The Company is a significant
producer of high-quality metallurgical coal and natural gas for worldwide
markets and is a leader in affordable homebuilding and financing. Walter
Industries also is a majority shareholder of Mueller Water Products, a
leading water infrastructure, flow control and water transmission products
company. Including Mueller Water, the Company employs approximately 10,000
people. For more information about Walter Industries, please visit the
Company Web site at http://www.walterind.com.
Safe Harbor Statement
Except for historical information contained herein, the statements in
this release are forward-looking and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company's actual results in future periods
to differ materially from forecasted results. Those risks include, among
others, changes in customers' demand for the Company's products, changes in
raw material, labor, equipment and transportation costs and availability,
geologic and weather conditions, changes in extraction costs and pricing in
the Company's mining operations, changes in customer orders, pricing
actions by the Company's competitors, changes in law, potential changes in
the mortgage-backed capital market, and general changes in economic
conditions. Those risks also include the timing of and ability to execute
the spin-off of the Company's Mueller Water Products subsidiary and any
other strategic action that may be pursued. Risks associated with
forward-looking statements are more fully described in the Company's and
Mueller's filings with the Securities and Exchange Commission. The Company
assumes no duty to update its forward-looking statements as of any future
date.
SOURCE Walter Industries, Inc.
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Related links:
http://www.walterind.com/
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AP Archive: http://photoarchive.ap.org
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CONTACT:
Investors, Mark H. Tubb, Vice President -
Investor Relations, +1-813-871-4027, or mtubb@walterind.com, or
Media, Michael A. Monahan, Director - Corporate Communications,
+1-813-871-4132, or mmonahan@walterind.com, both of Walter
Industries, Inc.
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