General Cable Corp., Highland Heights, Ky., has increased its equity ownership in Phelps Dodge Philippines Inc. (PDP) from 40 percent to 60 percent.
PDP is a joint venture established in 1955 by Anscor, a Philippine public holding company with diverse investments, and Phelps Dodge International Corp. (PDIC), a subsidiary of General Cable, which was acquired in the fourth quarter of 2007. PDP reported revenues of about $100 million in 2007.
PDP operates one of the largest wire and cable manufacturing facilities in the Philippines.
The investment complements General Cable’s strategy in the region by providing a platform for further penetration into Southeast Asia markets, as well as supporting ongoing operations in Australia, the Middle East, and South Africa.