PHILADELPHIA, Nov. 7, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced the signing of a definitive agreement with Nufarm Limited to divest a portion of FMC's European herbicide portfolio. Under the transaction, Nufarm will acquire FMC's SU-class herbicides and Florasulam for post-emergence use to control broadleaf weeds in cereals. In exchange, FMC will receive $90 million, which includes the purchase of existing product inventory. The divestiture will satisfy FMC's commitments to the European Commission related to its recent acquisition of a significant portion of DuPont's Crop Protection business.
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The close of the transaction is subject to customary conditions.
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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