Columbian, PD Wire & Cable removed from selling block

PHOENIX (May 7)—Phelps Dodge Corp. has pulled two businesses—Columbian Chemicals Co. and PD Wire & Cable Group—off the market because of poor economic conditions. The move follows several months of discussions with interested parties, said J. Steven Whisler, Phelps Dodge president and CEO. He said in a prepared statement it was clear that the "current economic environment will not deliver transactions for Columbian Chemicals and PD Wire & Cable that offer appropriate value to our shareholders." The two companies are "excellent businesses with unique franchises and strong customer bases," he said. "We have been unequivocal in our position that these assets would not be given away."