Phelps Dodge To Sell North American Magnet Wire Assets

Phelps Dodge Corp. has agreed to sell substantially all its North American magnet wire assets to Rea Magnet Wire Co. Inc. Under the agreement, Rea will purchase the assets, including certain copper inventory, for approximately $125 million in cash.

The sale will include Phelps Dodge manufacturing operations in Fort Wayne, Ind., and Monterrey, Mexico, and inventory held for distribution at various North American warehouses. The transaction will not include the Phelps Dodge’s Fort Wayne

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