Phelps Dodge hires advisors

Denver — Phelps Dodge (PD-N) has retained financial advisors to avise the Phoenix-based copper producer on its non-mining businesses.

Goldman Sachs will give advice on PD Wire & Cable, which produces a broad line of magnetic wire, high-performance conductors and telecommunication cables.

J.P. Morgan was retained to work with Columbian Chemicals, one of the world’s largest producers of carbon black. Both divisions make up Phelps Dodge industries, which, in the third quarter, had sales of US$367.6 million and an after-tax income of US$29.1 million. For the first nine months sales were US$1.09 billion, with an after-tax income of US$44.5 million.