PHILADELPHIA, Feb. 21, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today it has entered into exclusive technology license and commercialization agreements with East China University of Science and Technology (ECUST) and Shanghai Shengnong Pesticide Co. Ltd. (SSPC). The three parties will develop and commercialize a new insecticide active ingredient. It was invented at ECUST and licensed by manufacturer SSPC. FMC will have exclusive global development and commercialization rights outside of China. The agreement also provides for additional new pesticide research collaboration.
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"We're excited to partner with the leaders at ECUST and SSPC to develop promising new solutions to farmers seeking alternatives to existing pest-resistant chemistries," said Milton Steele, president, FMC Agricultural Products Group. "Combining the research strength of ECUST, the China manufacturing leadership of SSPC, and FMC's deep product development and marketing expertise is an incredibly strong formula for success."
Dr. Xuhong Qian, president of ECUST, said: "The East China University of Science and Technology is pleased to enter into these agreements with FMC and SSPC. "We are proud of the innovative work by Dr. Zhong Li and his colleagues in our Institute of Pesticides and Pharmaceuticals. With the support of SSPC and FMC, we're eager to continue our development efforts. We also hope that this research collaboration will lead to even more crop technology solutions that benefit global agriculture."
Mr. Qiang Bi, president of SSPC, echoed Dr. Qian's and Mr. Steele's comments. "SSPC looks forward to partnering with ECUST and FMC in this new stage of developing an effective new active ingredient. This relationship strengthens SSPC and helps us to better serve our customers not only in China, but also more broadly in international markets."
Financial terms of the agreements were not disclosed.
About FMC Corporation
FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2011, FMC had annual sales of approximately $3.4 billion. The company employs approximately 5,000 people throughout the world, and operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals. For more information, visit www.FMC.com.
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 2011 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.
SOURCE FMC Corporation
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