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Phelps Dodge magnet wire sale is finalized
Rea Magnet Wire Co., Inc., of Fort Wayne, Ind., has completed its acquisition of the Phelps Dodge Magnet Wire Co. North America from copper mining company Phelps Dodge Corp. The sale, reported in the January Electrical Apparatus, includes manufacturing facilities, property, and equipment at the Phelps Dodge facilities in Fort Wayne and in Monterrey, Mexico. The sale also includes the purchase of inventory for distribution at a warehouse in Bentonville, Ark. The transaction does not include the Phelps Dodge One Technology Center in Fort Wayne, its magnet wire plant in Suzhou, China, or its European interest in Schwering und Hasse. Rea Magnet Wire employs about 675 people in North America. The purchase of the Phelps Dodge business adds about 600. The price of the purchase was about $125 million in cash.
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