Phelps Dodge
(PD) - Get Report
plans to dig into its mining operations by focusing company capital and management resources toward improving that area of the business.
The company hired
Goldman Sachs
to explore strategic alternatives, including the possible sale, of its
Wire & Cable Group
, which produces magnet wire, conductors and cable products. The company retained
J.P. Morgan
to explore alternatives for its
Columbian Chemicals
unit.
Phelps Dodge said the decision to explore alternatives for the businesses reflects the company's plan to prioritize its highest growth, highest return opportunities.
Phelps Dodge gained $1.38, or 2.7%, to $52.50 in afternoon
New York Stock Exchange
trading.
