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PHELPS DODGE MAGNET WIRE COMPANY ESTABLISHES JOINT VENTURE IN AUSTRIA

 FORT WAYNE, Ind., March 31, 1993 /PRNewswire/ -- Phelps Dodge Magnet Wire Company, a unit of Phelps Dodge Industries, today announced it has invested in a joint venture manufacturing company in Mureck, Austria. The new company, Elektrodraht Mureck, Phelps Dodge Eldra GmbH, is a partnership with Eldra Elektrodraht-Erzeugung GmbH, a leading European magnet wire manufacturer. Phelps Dodge owns a 51 percent interest in the company; Eldra Elektrodraht-Erzeugung GmbH owns the remaining 49 percent.
 Kirk C. Kemmish, President of Phelps Dodge Magnet Wire Company, said the objective is to establish a world-class manufacturing company primarily to serve the operations of its U.S. customers in Europe. Magnet wire products produced by the joint venture will be sold through Phelps Dodge Industries GmbH, a European unit of Phelps Dodge Industries. The Mureck, Austria, plant, originally constructed in 1985, is one of the most modern magnet wire plants in Europe.
 Headquartered in Fort Wayne, Ind., Phelps Dodge Magnet Wire Company, a unit of Phelps Dodge Industries, is a leading producer and international marketer of magnet wire, the insulated conductor used in most electrical systems. Phelps Dodge Industries is a division of Phelps Dodge Corporation, a major international mining and manufacturing concern with operations in 24 countries.
 -0- 3/31/93
 /CONTACT: Thomas M. Foster of Phelps Dodge, 602-234-8139/
 (PD)


CO: Phelps Dodge Magnet Wire Company; Phelps Dodge Industries;
 Phelps Dodge Corporation; Elektrodraht Mureck, Phelps Dodge
 Eldra GmbH; Eldra Elektrodoraht-Erzeungung GmbH ST: Indiana IN: MNG SU: JVN


KJ -- SD007 -- 1698 03/31/93 17:00 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 31, 1993
Words:251
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