Mueller Water Products Inc.

Overview Key strengths Key risks Strong brand recognition among waterworks customers. Considerably smaller than its peers with a more limited operational focus. Exposed to favorable trends in the municipal utilities market. High customer and geographic concentration. Large installed base across the U.S. Exposed to cyclical residential and nonresidential construction end markets. With the average age of water pipes and number of water main breaks rising substantially over the last 50 years, there is an increasing need for infrastructure spending. Climate change is affecting both water availability and quality as the frequency of extreme climate events continues to climb. The increase in public awareness and municipal repair and replacement remains a tailwind for Mueller and passage of the bill serves as

...The $1 trillion U.S. Infrastructure Investment and Jobs Act should boost demand for Mueller's products and services. With the average age of water pipes and number of water main breaks rising substantially over the last 50 years, there is an increasing need for infrastructure spending. Climate change is affecting both water availability and quality as the frequency of extreme climate events continues to climb. The increase in public awareness and municipal repair and replacement remains a tailwind for Mueller and passage of the bill serves as an important step in addressing the country's aging water infrastructure. Despite the uncertainty of when municipalities will have access to the funds, we believe Mueller is in a good position to capitalize on this much-needed infrastructure investment and expect it to benefit over the coming years....

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