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Mueller Water shares rise in market debut

May 26, 2006

NEW YORK (Reuters) - Shares of Mueller Water Products Inc., a subsidiary of Walter Industries Inc., rose nearly 4 percent in their stock market debut Friday.

The shares were up 60 cents at $16.60 in late-morning trading on the New York Stock Exchange, a day after pricing at $16 each.

The 25 million-share offering was worth $400 million.

Mueller Water, which manufactures a range of water infrastructure and flow-control products, said it plans to use the proceeds for general corporate purposes and to pay down debt.

Banc of America Securities, Morgan Stanley and Lehman Brothers were the lead underwriters.