RBC Downgrades Mueller Water to Underperform on Municipal Spending Slowdown

Crane Company announced a definitive agreement on September 14 to acquire Trillium Flow Technologies' U.S. pump business for approximately $240 million. The operations primarily serve municipal water and wastewater customers and are expected to generate approximately $115 million in full-year revenue, with closing expected in the fourth quarter subject to regulatory approvals and customary conditions. The deal would add the Floway, Wemco, Roto-Jet and WSP brands to Crane's Process Flow Technologies segment, and Crane disclosed a price of approximately 14.6 times estimated 2026 adjusted EBITDA. The announcement did not quantify aftermarket revenue's share of the business, its margins, expected synergies, or integration costs, nor did it specify the funding mix. Process Flow Technologies' second-quarter sales rose 20.9% to $385.6 million while company-defined non-GAAP core sales declined 1.4%, and at June 30 Crane held $350.4 million of cash and $1.098 billion of debt before subsequently repaying another $90 million.

Filter Vision Public Company Limited, or FVC, has announced its operating plan for the second half of 2026, focusing on cost management, maintaining liquidity, and accelerating revenue recognition from its order backlog across four core business groups, after its second-quarter 2026 results showed sales and service revenue of 111.42 million baht, up 10.15% from the same period a year earlier, and net profit from continuing operations of 4.41 million baht, a rise of 1,675%, with gross profit margin increasing to 34.10%. For the first six months of 2026, sales and service revenue totalled 468.36 million baht, up 122.21% from the same period a year earlier. In the industrial and water-system operator business group, or B1, the company received trading product orders from 16 customers worth 3.12 million baht, plus 22 projects covering water-system installation, automatic drinking-water dispensers, services, and maintenance contracts, with a combined value of 5.23 million baht, which will be gradually recognised as revenue in the second half. In the commercial and residential business group, or B2, there are orders for ice-machine system installation on two projects with a combined value of 32.32 million baht, expected to be completed and recognised as revenue within the second half of 2026. In the medical services business group, or B3, KT Medical Service Public Company Limited, or KTMS, plans to expand its dialysis centres by three to five branches and add roughly 36 to 64 dialysis machines during the third quarter of 2026. Meanwhile, Irving Corporation Company Limited has orders for water-system installation on 12 projects with a combined value of 9.46 million baht, and Medical Vision Company Limited is installing medical specimen delivery and return air-pipe systems on three projects with a combined value of 0.47 million baht. In the industrial estate development and integrated utility services business group, or B4, the company succeeded in selling land in the World Lamphun Industrial Estate Phase 2 project under one contract with a combined value of 611.49 million baht, with ownership transfer and revenue recognition expected within the fourth quarter of 2026. Managing Director Wichit Techakasem said the backlog from all four business groups, which will be gradually recognised in the second half, together with the significant revenue from the land sale in the fourth quarter, will drive 2026 results to grow in line with the target, while the company will also focus on cost control and improving profitability for quality and sustainable growth.