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VOL. 133 | NO. 132 | Tuesday, July 3, 2018

Daily Digest

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Mueller Acquires Atco Rubber in $162.8 Million Deal

Memphis-based Mueller Industries Inc. has acquired Fort Worth, Texas-based Atco Rubber Products Inc. in a $162.8 million deal, Mueller announced Monday, July 2. 

Atco manufacturers and distributes insulated flexible duct systems used in heating, ventilation and air-conditioning systems. The company operates 14 U.S. plants as well as locations in Germany, India, the Netherlands and the United Arab Emirates.

Atco posted revenues of approximately $166 million in the fiscal year that ended in December 2017. It has 800 employees. The acquisition goes toward building Mueller's climate products businesses.

Mueller specializes in copper and copper alloy manufacturing but also produces goods made from aluminum, steel and plastics. Its products include tubing, fittings and components used in plumbing and HVAC systems, as well as components for original equipment manufacturers in a variety of industries. The company’s network includes operations in the U.S., Canada, Mexico, Great Britain, South Korea and China.

The Atco deal follows Mueller’s acquisition of Ontario, Canada-based Die-Mold Tool Limited in late March for $12.5 million in cash. Die-Mold manufactures plastic plumbing-related fittings and also designs and makes plastic injection tooling. And in May 2017, the company entered into an agreement to buy all the outstanding shares of Pexcor Manufacturing Co. Inc. and Heatlink Group Inc. for $16.3 million in cash. The companies, collectively known as Heatlink Group, make and sell products for plumbing and radiant heating and cooling systems.

Shares of Mueller were trading at $29.56 Monday afternoon. Its shares have traded between $25.26 and $37.57 in the past year.

– Daily News staff

Developers Seek Variance For Medical District Apts.

Guatom Malhotra with RK Developers LLC is seeking a height variance from the Memphis & Shelby County Board of Adjustment for a 20-unit apartment complex in the Memphis Medical District.

The developers are planning to construct the nearly 44-foot-tall building on a 0.3-acre lot where a single-family residence currently sits at 1162 Peabody Ave. According to the Medical Overlay portion of the Unified Development Code, the maximum height for a new building in the area is 35 feet.

RK is requesting the height variance in order to elevate the apartment complex 10 to 12 feet to accommodate for additional parking below the building.

Ledford Engineering, Planning, and Architecture has been tapped to handle the project’s civil engineering and architecture.

The Board of Adjustment will review RK’s request during its July 25 meeting.

– Patrick Lantrip

First Horizon Promotes Johnson to Senior VP

First Horizon National Corp., First Tennessee Bank’s parent company, has promoted Darin Johnson to senior vice president and credit risk manager for government lending programs.

In his new role, Johnson will oversee risk management for lending through the Small Business Administration and for Community Reinvestment commercial programs across the First Horizon footprint, which also includes Capital Bank, FTB Advisors and FTN Financial.

Previously, Johnson served as center director for centralized commercial loan administration. He is a board member of the AutoZone Liberty Bowl and chairman of the Benjamin L. Hooks Institute for Social Change advisory board.

– Patrick Lantrip

Grizz Sign Jaren Jackson To Multiyear Contract

The Memphis Grizzlies have signed 2018 first-round draft pick Jaren Jackson Jr. to a multiyear contract. Per team policy, terms of the deal were not disclosed.

Selected fourth overall in the 2018 NBA Draft, Jackson became the second player in Big Ten history to win both Freshman and Defensive Player of the Year in the same season after leading the conference and ranking seventh in the nation in blocks per game (3.03) for Michigan State.

Jackson, 6-foot-11 and 242 pounds, started 34 of his 35 games at Michigan State and averaged 10.9 points, 5.8 rebounds and 1.1 assists in 21.8 minutes while shooting 51.3 percent from the field, 39.6 percent from three-point range and 79.7 percent from the free-throw line. He was selected to the All-Big Ten Third Team and Big Ten All-Freshman Team. The 18-year-old set a Spartans single-season record last year with 106 blocks and tied the school’s single-game record with eight rejections on Dec. 5, 2017, vs. Rutgers.

The Indiana native, who was named a 2017 McDonald’s and Jordan Brand All-American as a high school senior, is the highest-drafted Michigan State product since 1979, when Magic Johnson was selected first overall and Greg Kelser was taken fourth. Jackson’s father, Jaren Jackson Sr., had a 12-year NBA career with nine teams, winning the 1999 NBA Championship with the San Antonio Spurs.

– Don Wade

Court-Appointed Counsel Rate Change Takes Effect

With the start of the fiscal year Sunday, July 1, the Tennessee Supreme Court has formally ordered an increase in how much court-appointed attorneys are paid in the state to represent indigent clients in criminal and child welfare cases.

The increase to $50 an hour for all services is funded with a $9.7 million line item in the state government budget approved by the Tennessee Legislature earlier this year.

The court order also includes a 25 percent hike in the hourly rate paid to attorneys for out-of-court work and raises the limits attorneys can receive in total from $250 to $500, depending on the kind of case.

“The court views this increase as the first in a series of changes for attorney rates and Tennessee’s indigent representation system,” said Tennessee Supreme Court chief justice Jeff Bivins. “Court-appointed lawyers in criminal and child welfare cases play an essential role in our judicial system. We are grateful for their invaluable services. This rate increase is just the first step in establishing a fair compensation system for attorneys representing indigent parties by court appointment.”

The court has also launched an updated online payment system for attorneys and expects to soon begin accepting electronically filed documents to the state’s appellate courts.

– Bill Dries

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047