PHILADELPHIA, March 5, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC) and Kumiai Chemical Industry Co., Ltd., today announced that they have entered into an exclusive global agreement to evaluate a new herbicide discovered by Kumiai for potential global development and commercialization.
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Kumiai and Ihara Chemical Industry Co., Ltd., discovered the chemistry in their research labs and are partnering with FMC to evaluate and develop the commercial potential for this new chemistry. The companies will evaluate the chemistry on a number of global crops and weed problems over the coming years.
"Our relationship with Kumiai is an extremely important one for FMC's agricultural business, and I am delighted to be working with Kumiai on this new active ingredient, and we expect to progress rapidly in our evaluations," said Milton Steele, president of FMC Agricultural Products Group. "The chemistry is a new herbicide that offers the potential to address some of the emerging herbicide resistance problems that farmers all over the world are experiencing."
According to Dr. Eisuke Ishihara, president of Kumiai, "Working with a proven partner such as FMC on the evaluation and potential development of this new chemistry is a sign of our company's vision to maximize the value of our rich chemistry pipeline, through appropriate and strategic global partnerships. Collaborating with FMC and their growing innovation and commercial organization will help us supply new and innovative products to the global crop protection industry."
Terms of the agreement were not disclosed.
About Kumiai Chemical Industry Co., Ltd.
Kumiai Chemical Industry Co., Ltd., began business when the agricultural chemical industry entered the modern era. Kumiai is proud that its corporate history parallels the agricultural chemical industry in Japan. Since formation in 1949, Kumiai has made significant contributions such as development of the first synthesized agricultural chemicals in Japan that have helped farmers realize bountiful harvests. For more information, visit www.Kumiai-chem.co.jp.
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.
SOURCE FMC Corporation
FMC Media contact, Jim Fitzwater, +1-215-299-6633, FMC Investor Relations contact, Brennen Arndt, +1-215-299-6266, Kumiai Media contact, Takeshi Nakano, 81 3 3822 5026