SPRINGFIELD, Mo., May 4, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of Paul Mueller Company (the Company) (Pink Sheets:MUEL) decided at its annual meeting held May 4, 2009, to suspend the dividend due to the difficult world economic conditions. These are unprecedented economic conditions not seen since the Great Depression, and management of the Company is focused on minimizing losses and maintaining cash flow to position the Company for a turnaround in the markets it serves.
As result of the declining conditions, management has taken steps to reduce operating costs, including laying off production employees and reducing office staff in its Springfield, Missouri location, and laying off production employees from its Osceola, Iowa plant.
Management appreciates the support of the shareholders and the commitment of all employees during this difficult situation and looks forward to more normal times and the resumption of a dividend.