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Walter Industries and Mueller Water Products Announce Closing of Initial Public Offering and Exercise of the Underwriters' Over-Allotment Option

TAMPA, Fla., June 1 /PRNewswire-FirstCall/ -- - Walter Industries, Inc. (NYSE: WLT) and Mueller Water Products, Inc. (NYSE: MWA) announced today the closing of the initial public offering of Mueller Water Products' Series A common stock. The closing included the full exercise by the underwriters of the option to purchase 3.75 million additional Series A shares to cover over- allotments, for a total of 28.75 million Series A shares at $16.00 per share. Walter Industries continues to hold all of the 85.85 million Series B shares outstanding. The aggregate net proceeds to Mueller Water Products, after underwriters' discount, were $432.4 million.

The underwriters for the offering were led by Banc of America Securities LLC, Morgan Stanley and Lehman Brothers as joint book-running managers, with SunTrust Robinson Humphrey, Goldman, Sachs & Co., Avondale Partners and Calyon Securities (USA) Inc. acting as co-managers.

About Walter Industries

Walter Industries, Inc. is a diversified company with consolidated annual revenues of approximately $3.1 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 .

About Mueller Water Products

Mueller Water Products is a majority-owned subsidiary of Walter Industries, Inc. with pro forma annual revenues of approximately $1.9 billion. The Company is comprised of three main operating segments: Mueller Co., U.S. Pipe and Anvil. The Company is a leader in water infrastructure, flow control and water transmission products. Based in Tampa, Fla., the Company employs approximately 7,000 people. For more information about Mueller Water Products, please visit the Company Web site at http://www.muellerwaterproducts.com .

SOURCE
Walter Industries, Inc.

CONTACT:
Investors, Joseph J. Troy, Sr. Vice President
+1-813-871-4404, or jtroy@walterind.com, or
Media, Michael A. Monahan, Director - - Corporate Communications
+1-813-871-4132, or mmonahan@walterind.com
both of Walter Industries

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