Copper giant Phelps Dodge Corp., New York, N.Y., plans to restructure some business units and close down six manufacturing plants due to poor economic conditions in foreign markets as well as unfavorable copper prices for the last two years.
Phelps Dodge will revamp its wire and cable division. Phelps Dodge Magnet Wire Co., Phelps Dodge International Corp., and Phelps Dodge High Performance Conductors, will be consolidated into one large wire and cable unit to better support global customers, said a company spokesperson. The company gave no details on the restructuring plans, but said it will take place within the next 12 months and about 670 jobs will be eliminated.
By the end of the year, Phelps Dodge plans to close three U.S.-based facilities, one in Montville, N.J., one in Fairfield, N.J., and another one in Hopkinsville, Ky., Adams said. Phelps Dodge International Corp., will cease manufacturing of wire and cable products in its Ecuadorian plant and will close a small rod mill and a magnet wire facility in Venezuela.