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PHELPS DODGE SUBSIDIARY FORMS JOINT VENTURE WITH HUNGARIAN COMPANY

 Phoenix, Arizona, Dec. 1, 1992 ~PRNewswire~ -- Columbian Chemicals Company, a subsidiary of Phelps Dodge Corporation, and Tiszai Vegyi Kombinat Rt. (TVK), the largest petrochemical company in Hungary, today announced the formation of a joint venture company, Columbian Tiszai Carbon Ltd., which will construct a $55 million carbon black production plant in Tiszaujvaros, Hungary.
 The plant, which is expected to produce 50,000 metric tons of carbon black per year, will use state-of-the-art production and environmental technology and is scheduled to be completed by the second half of 1993. The joint venture brings a new industry to Hungary and will create approximately 70 local jobs. Columbian Chemicals will own 60 percent of the new joint venture company; TVK will own the remaining 40 percent.
 The project is the first co-financing in Hungary between the Overseas Private Investment Corporation (OPIC) and the European Bank for Reconstruction and Development (EBRD) and is also the first project in the country to benefit under the OPIC guarantee program.
 Columbian Chemicals Company, headquartered in Atlanta, Georgia, is an international producer and marketer of industrial chemicals. Its products include highly engineered carbon blacks, synthetic iron oxides and ferrites, and are used in applications as diverse as automobile tires, printing inks, high-voltage electrical cables and industrial catalysts. Columbian currently operates carbon black plants in North America, the Philippines, England, Italy and Germany.
 TVK, with more than 5,000 employees, is one of Hungary's largest companies and has held a stable position over the last decade among the country's top 10 most profitable enterprises. TVK produces olefins, polyolefins and plastic finished products, which provide raw materials for firms that manufacture industrial cables, automotive parts, water and natural gas piping, agricultural and biaxially- oriented films, non-woven textiles and other products.
 Phelps Dodge Corporation is a major international mining and manufacturing company with operations in 23 countries.
 -0- 12~1~92
 ~CONTACT: Thomas M. Foster, 602-234-8139~
 (PD)


CO: Phelps Dodge Corporation; Columbian Chemicals Company ST: Arizona IN: MNG SU: JVN

EH -- SD004 -- 2351 12~01~92 10:58 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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