The Group's main engineering and business centers are
located in France, Italy , Germany, the UK, Norway, Finland, the
Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and
Australia.

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We are not undertaking any obligation to update
these factors or to publicly announce the results of any changes to forward-
looking statements due to future events or developments.

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(3) Umbilical: assembly of hydraulic hoses, which can also include
electrical cables or optic fibers, used to control a subsea structure or
ROV from a platform or a vessel."
Thompson Dean , Chairman of Mueller and Managing Partner of DLJ Merchant
Banking said, "We are extremely pleased at this outcome for the DLJ Merchant
Banking funds as well as the opportunities that this transaction creates for
Walter Industries and Mueller Water Products going forward.

About Walter Industries , Inc.5
billion (excluding Mueller Water Products)., the Company employs approximately 5,100
people .

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With a workforce of about 19,000 persons, Technip ranks among the top five
corporations in the field of oil, gas and petrochemical engineering,
construction and services."

About Mueller Water Products, Inc. The Company's products are
sold to a wide variety of end-users, including municipalities, publicly and
privately owned water and wastewater utilities, gas utilities and construction
contractors. Based in Tampa, Fla.walterind.

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In support of its activities, the Group manufactures flexible
pipes and umbilicals, and builds offshore platforms in its manufacturing
plants and fabrication yards in France, Brazil, the UK, the USA, Finland
and Angola, and has a fleet of specialized vessels for pipeline
installation and subsea construction.com. These factors include, but are not limited to, risks in connection
with the transaction (including the closing of the transaction) and other
risks that are described in the Securities and Exchange Commission reports
filed by Mueller Water Products, Inc.

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The aggregate purchase
price is approximately $1.S.walterind.

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The requisite stockholders of the Company, DLJ Merchant Banking Partners II,
L.com, where it will also be archived.

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Star Deep Water Petroleum Limited (an affiliate of
Chevron Corporation) has awarded Technip (NYSE: TKP ) an engineering,
procurement, construction and installation (EPCI) contract of approximately
USD 800 million, for the Agbami field development, located offshore Nigeria
in approximately 1,550m water depth., Mueller Group, Inc.

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(the
"Company") today announced that its board of directors and the board of
directors of Walter Industries, Inc.

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PRESS RELEASE Technip Awarded Contract for Agbami Development in Nigeria

The offshore installation campaign is anticipated in two phases commencing
mid -2007 with completion during the second quarter of 2008.

Technip's shares trade on the following exchanges: TKP LISTED NYSE euronext
ISIN FR0000131708

This information is provided by CompanynewsGroup

, Mueller Water Products, Inc. and its affiliated investment funds and members of the Company 's senior
management, have agreed to approve the transaction agreement.

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This contract includes the installation of manifolds, supplied by Star Deep
Water Petroleum Limited, and the design, manufacture and installation of
flexible flowlines (1), risers (2) and umbilicals (3).

Valves, hoses, and fittings used for the control of fluids in containment, transportation, and handling systems.

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Conference Call Hosted by Walter Industries -- Monday, June 20, 2005 at
8:30 am ET
Walter Industries will discuss the transaction on a conference call on
Monday, June 20, 2005, at 8:30 am ET/7:30 am CT.

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91 billion, consisting of approximately $860 million
in cash and the assumption of approximately $1.

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This center will also undertake the
engineering and design of the flowlines and associated risers , which will
be manufactured by Flexi France, one of the Group's flexible pipe plants,
located in Le Trait (France).

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Upon
closing, the Company will become a public reporting subsidiary of Walter
Industries, and U. Smith, Chief Executive Officer of Mueller Water Products, Inc.
"Mueller Water Products' customers, suppliers and employees have an attractive
opportunity to participate in the exciting potential created by the
combination of these two businesses. Additional information about Walter Industries is available on Walter
Industries' Web Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
on file with the Securities and Exchange Commission and on Walter Industries '
web site at http://www.

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As part of Technip's commitment to local development, logistics and
pre-commissioning services will be sub-contracted to companies in Nigeria. DECATUR, Ill.6 billion in annual
revenues.
The acquisition is expected to be completed in the third quarter of 2005 ,
subject to customary closing conditions, including the expiration or
termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act, and the funding of Walter Industries ' committed financing. A forward-looking statement is usually identified by the use of
certain terminology including "believes," "expects, "may," "would," "will,"
"should," "seeks," "anticipates" or "intends " or by discussions of strategy or
intentions. A number of factors could cause actual results, performance ,
achievements or industry results to be very different from the results,
performance or achievements expressed or implied by those forward-looking
statements. Given these uncertainties, you are warned not to rely on the
forward-looking statements.

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Walter Industries, Inc.

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(2) Riser: vertical flexible pipe connecting the flowlines to the surface
facility.
The Company operates through two business units: its water infrastructure
products segment, a leading manufacturer of hydrants, valves and other
products for use in water and gas distribution systems; and its piping systems
products segment, a leading manufacturer of fittings, pipe hangers and other
products for use in piping systems applications. and Walter
Industries, Inc.

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Other partners in the Agbami
development include Texaco Nigeria Outer Shelf Inc. (an affiliate of the
Chevron Corporation), Petroleo Brasileiro Nigeria Limited , Statoil Nigeria
Limited, Famfa Oil Limited and the NNPC. Headquartered in Paris, the Group is listed in
New York and Paris. (NYSE: WLT) ("Walter Industries") have
unanimously approved, and the companies have executed, a definitive agreement
whereby Walter Industries will acquire the Company. The transaction will complement
Walter Industries' existing U.P.
The Company is a leading North American manufacturer of a broad range of
flow control products for use in water distribution, water and wastewater
treatment facilities, gas distribution systems and piping systems and
maintains a large installed base of products , including approximately three
million fire hydrants and eight million iron gate valves in the United States.

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Technip's engineering center in Paris (France) will be in charge of the
overall management of the project. Pipe will, as a legal matter, become part of the Company,
resulting in a subsidiary that will have approximately $1. Walter Industries is a leader in
affordable homebuilding, related financing and water transmission products,
and is a significant producer of high-quality metallurgical coal for worldwide
markets. are acting as financial
advisors to the Company, and Davis Polk + Wardwell is acting as the Company's
outside legal counsel in connection with the transaction.

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Pipe operations, creating a major water
infrastructure and piping systems company with leading business positions,
significant scale, and excellent prospects for growth.

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Advisors
Credit Suisse First Boston and Goldman Sachs + Co.

Forward-Looking Statements
The statements made in this press release that are not statements of
historical fact are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.

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S.
"The combination of Mueller Water Products and Walter Industries will
result in strategic benefits for the combined company going forward," said
Dale B. is a diversified company with revenues of $1. The call will be web cast
live and available in a "listen-only mode" from Walter Industries' web site at
http://www.

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(1) Flowline: flexible pipe laid on the seabed for the transportation of
production or injection fluids.

Mueller Water Products Inc. to be Acquired by Walter Industries Inc. in $1.9 Billion Transaction

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Furthermore, the Group will train Nigerian engineers in offshore deepwater
construction technology, and Nigerian technicians in flexible flowline
termination. Installation
will involve several vessels from Technip's fleet .05 billion in Company debt,
based on the Company's balance sheet as of April 2, 2005, subject to
adjustments as provided in the agreement.
Under the terms of the agreement, the Company's shareholders will receive,
upon closing, cash for each share of Company common stock they own.