VOL. 131 | NO. 37 | Monday, February 22, 2016
Mueller Buys Majority Interest in South Korean Manufacturer
Memphis-based Mueller Industries Inc. has bought a 60 percent equity interest in a South Korean manufacturer of copper-based pipe joining products.
Mueller manufactures copper and copper alloy tubing, fittings, valves and other items used in plumbing and HVAC systems. It also makes the goods from aluminum, steel and plastics.
Mueller announced the purchase Friday, Feb. 19, of the interest in Jungwoo Metal Ind. Co. Ltd.
Jungwoo’s headquarters is in Seoul and the company has a global reach with its products.
Mueller, in a Securities and Exchange Commission filing Friday, said it expected to close the deal in the first quarter of 2016 pending regulatory approval in South Korea.
– Bill Dries
$4.5M Permit Pulled for Brewery Garage
The parking garage portion of the greater Tennessee Brewery development is moving forward. Montgomery Martin Contractors pulled a $4.5 million construction permit to build a new four-story concrete parking garage. Brewery Master Tenant LLC as listed as the tenant for the property at 502 Tennessee St.
According to the latest plans, the “Bottle Shop” garage will have 358 units and will serve the public as well as residents of the Brewery District’s four residential buildings. The garage has received $5.1 million in support from the Downtown Parking Authority.
– Madeline Faber
Zika Virus Roundtable Planned for Monday
Government and health care officials will gather in Memphis on Monday, Feb. 22, to discuss the Zika virus and other threats to infant health.
The roundtable discussion, which is part of U.S. Rep Steve Cohen’s “Building a Healthier Memphis” series, will feature representatives from Le Bonheur Children's Hospital, Regional One Health, the Shelby County Health Department and the Tennessee Department of Health discussing strategies to protect expectant mothers from the Zika virus.
Representatives from the March of Dimes will discuss ways to reduce premature birth and infant mortality, and the deputy associate administrator of the Maternal and Child Health Bureau at the U.S. Health Resources and Services Administration will be on hand to discuss the agency’s goals and its roadmap for improving the health of Tennessee children by 2020.
The event, which is open to the press and the public, will be held from 9 a.m. to 10:30 a.m. at Le Bonheur Children’s Hospital, 848 Adams Ave.
– Kate Simone
Apartments Sell to Texas Group
An apartment community in the 38111 ZIP code has sold for $1.9 million. In a Feb. 10 warranty deed, Memphis resident Harvard Stephens sold the Prescott Place apartments to Texas-based Oak Bend Holdings LLC and Bay Brook Holdings LLC.
According to the Shelby County Assessor of Property, the community at 3461 Steve Road was built in 1972. It holds fewer than 100 units across 258,466 square feet. It is appraised at $1.3 million.
– Madeline Faber
U of M Athletics Reaches New Radio Deal
University of Memphis Athletics and Learfield’s Tiger Sports Network have agreed to a new five-year partnership with Rock 103 (WEGR-FM 102.7) and WREC-AM 600.
The two stations, which are owned by iHeartMedia, will provide coverage of Tiger sports in the greater Memphis area. Through the 2020-21 athletic season the stations will carry football and men’s basketball game broadcasts, as well as football and basketball coaches’ shows.
“iHeartMedia Memphis is proud to continue working with and broadcasting Memphis Athletics,” said Morgan D. Bohannon, area president. “We enjoy working with Learfield and Memphis Athletics and look forward to broadcasting Tiger athletics for many years to come.”
The partnerships between Memphis Athletics and iHeartMedia are managed by Tiger Sports Properties, a property of Learfield, which oversees all aspects related to Memphis Athletics’ rights, including Memphis Tiger Sports Network.
– Don Wade