PHILADELPHIA, Jan. 4, 2018 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced that it has revised its operating agreements in Argentina, allowing it to expand production and completing an important step toward the intended separation of its lithium business in 2018.
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The revised operating agreements update FMC royalties and corporate social responsibility (CSR) programs in Argentina and eliminate restrictions that may have prevented a change of control of FMC Lithium. The revised royalties and CSR programs are at levels generally consistent with current commitments.
FMC reconfirms that it will at least double its production in Argentina during the next several years, with total annual output expected to exceed 40,000 metric tons of lithium carbonate equivalents (LCE).
FMC will provide an update on plans to separate its lithium business and expand its Argentina operations during the fourth quarter 2017 earnings conference call.
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. On November 1, 2017, FMC acquired a significant portion of DuPont's Crop Protection business. FMC's 2016 pro forma revenue was approximately $4 billion.1 FMC employs more than 7,000 people throughout the world and operates its businesses in two segments: FMC Agricultural Solutions and FMC Lithium. For more information, visit www.FMC.com.
1 2016 pro forma revenue assumes the transactions with DuPont occurred at the beginning of the year and includes twelve months of revenue from the DuPont Crop Protection business and it excludes the revenue from FMC Health and Nutrition. The pro forma revenue reflects FMC's calculation as of the date hereof based on information currently available. Form 8-K will be filed within 75 days of the transaction date and will include unaudited pro forma condensed financial information related to the transactions.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2016 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
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SOURCE FMC Corporation
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