TUCSON
Houston firm buys Madera Mechanical
Madera Mechanical Inc., 1830 W. Copper St., has been acquired by Houston-based Comfort Systems USA Inc., a provider of heating, ventilation and air-conditioning services. Madera had 2006 revenues of around $16 million, according to a Comfort Systems press release. Terms of the sale were not disclosed. Madera President Darrell W. Treu could not be reached for comment Monday.
Raytheon contract for bombs upgraded
Tucson-based Raytheon Missile Systems has been awarded a $30 million Navy contract modification for the procurement of 118 Joint Standoff Weapon, or JSOW, AGM-154C guided bombs and related items for Poland and Greece under the U.S. Defense Department's Foreign Military Sales Program.
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ARIZONA
Phelps Dodge's acquisition final
Freeport-McMoran Copper & Gold said Monday that it had completed its acquisition of Phoenix-based Phelps Dodge Corp.
In the $26 billion deal, Phelps Dodge shareholders received $88 million in cash and 0.67 of a share of Freeport-McMoran stock (137 million shares in total), equivalent to a value of $128.68 per Phelps Dodge share based on the closing price of Freeport-McMoran stock on Tuesday. Phelps Dodge stock will be delisted as of today, Phelps Dodge spokesman Peter Faur said.
The combination creates the world's largest publicly traded copper company, according to Freeport-McMoran, which now has about 334 million outstanding shares. Freeport-McMoran shares rose $1.73, or 2.8 percent, to close Monday at $62.44 on the New York Stock Exchange.
Also on Monday, Freeport-McMoRan said it has launched a public offering of about 35 million shares of common stock to repay debt incurred in its acquisition of Phelps Dodge.
NATION
Some Treasury bill interest rates fall
Interest rates on short-term Treasury bills fell in Monday's auction, with three-month bills dropping to the lowest level in nearly three months. The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 4.930 percent, down from 4.965 percent last week. Another $16 billion in six-month bills was auctioned at a discount rate of 4.910 percent, down from 4.920 percent last week. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,875.38 while a six-month bill sold for $9,751.77.
● More national business news in brief, Page D2.
