Begins Previously Announced Separation from FMC Corporation
PHILADELPHIA, Oct. 11, 2018 /PRNewswire/ -- Livent Corporation (NYSE: LTHM), a leading, global, fully integrated lithium company, opens for trading today on the New York Stock Exchange (NYSE) after its initial public offering.
"We are pleased to welcome Livent to the NYSE," said John Tuttle, NYSE COO. "We congratulate Livent Corporation on this important milestone and are proud to join them in marking this exciting new chapter for the company and its shareholders."
"Today marks an important achievement for Livent Corporation," said Paul Graves, chief executive officer of Livent. "We are honored to join the members of NYSE and look forward to the opportunities this creates for continued investment in Livent's long-term growth."
FMC Corporation (NYSE: FMC), principal shareholder of Livent Corporation, first announced its intent to establish its lithium business as a separate, publicly traded company in March 2017. Following the IPO, FMC expects to retain approximately 85% of Livent's outstanding common stock until such time that FMC elects to distribute through a spin-off or split-off the remaining Livent shares to existing FMC shareholders, thus completing the full separation of Livent from FMC.
For more than six decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent employs approximately 700 people throughout the world and operates manufacturing sites in the United States, England, India, China and Argentina. For more information, visit Livent.com.
Safe Harbor Statement under the Private Securities Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including a decline in the growth in demand for electric vehicles; adverse global economic conditions; volatility in the price for performance lithium compounds; risks relating to our production expansion and related capital expenditures; development and adoption of battery technologies that do not rely on performance lithium compounds as an input; the size of our international operations and sales, including political, financial and operational risks specific to Argentina and other countries where we have active operations, including China; customer concentration and the loss of, or significant reduction in orders from, large customers; failure to satisfy customer quality standards; fluctuations in the price of energy and certain raw materials; failure to achieve the expected benefits of our separation from FMC as well as the other factors described under the caption entitled "Risk Factors" in our registration statement on Form S-1 filed with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We are under no duty to update any of these forward-looking statements after the date of this news release to conform our prior statements to actual results or revised expectations.
SOURCE Livent Corporation