Memphis-based Mueller Industries Inc. is planning to build a copper tube mill in Bahrain.
The company has finalized a joint venture agreement with Cayan Ventures and Bahrain Mumtalakat Holding Company to build the mill. Mueller (NYSE: MLI) will invest approximately $5.5 million of cash and will be the technical and marketing lead in return for 40 percent ownership of the joint venture.
“As part of our continuous effort to expand and strengthen our core business, we have entered into an agreement to establish a copper tube mill in Bahrain,” said Greg Christopher, CEO of Memphis-based Mueller Industries. “This mill will produce copper tube for the air conditioning and refrigeration markets and will have the capacity to support the surrounding Middle East and North Africa [MENA] region. The MENA region is one of the fastest-growing markets for air conditioning and refrigeration.”