Copper producer Phelps Dodge ( PD) said it completed the sale of its Columbian Chemicals subsidiary to a company owned jointly by One Equity Partners LLC, a private equity affiliate of J.P. Morgan Chase, and South Korean-based DC Chemical Co.

Columbian Chemicals is a manufacturer of of rubber and industrial carbon-black products. Phelps Dodge received base purchase price of $543 million and about $100 million of Columbian's foreign-held cash under a previously announced agreement.

The agreement also includes a provision for post-closing adjustments. At closing, those adjustments, together with transaction expenses, were estimated to reduce net proceeds by about $43 million, for net proceeds of about $600 million upon final settlement.

The company's stock was trading at $75.27, up $2.76, or 3.8%.

This story was created through a joint venture between TheStreet.com and IRIS.

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