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Article: Phelps Dodge to Sell North American Magnet Wire Assets.
- Article from:
- PR Newswire
- Article date:
- November 16, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHOENIX, Nov. 16 /PRNewswire-FirstCall/ -- Phelps Dodge Corp. announced today it has agreed to sell substantially all its North American magnet wire assets to Rea Magnet Wire Company, Inc. Under the agreement, Rea will purchase the assets, including certain copper inventory, for approximately $125 million in cash, subject to a working capital adjustment at the time of closing. Phelps Dodge expects to record a special, net after-tax loss on the transaction of approximately $20 million, which includes the sale of approximately 25 million pounds of copper from Phelps Dodge to Rea valued at an inventory cost of approximately 80 cents per pound, which will be priced at ...