FMC Corporation FMC has
signed a definitive agreement to sell its Peroxygens business to affiliates of
One Equity Partners, the private investment arm of J.P. Morgan Chase & Co.
The transaction, valued at approximately $200 million, is expected to close in
the first quarter of 2014, subject to customary regulatory approvals and
closing conditions.
In April, FMC simplified its organizational structure to focus on three core
business segments that better reflect the markets where the company
participates and leads, and where it expects to grow in the future. FMC
Peroxygens, although a successful business, is not a strategic fit with the
company's growth platforms.
"We're pleased to sell our Peroxygens business to a successful and respected
investment firm, One Equity Partners," said Pierre Brondeau, president, CEO
and chairman of FMC. "This transaction will help unlock the growth potential
of the Peroxygens business with focused attention and investment, while
allowing FMC to direct our resources to core segments in crop protection,
health and nutrition technologies, alkali chemicals and lithium."
Citi was FMC's financial advisor for this transaction.
Macquarie Capital is serving as Sole Lead Arranger on the financing for the
transaction.
About FMC
FMC Corporation is a diversified chemical company serving agricultural,
industrial, environmental, and consumer markets globally for more than a
century with innovative solutions, applications and quality products. In 2012,
FMC had annual sales of approximately $3.4 billion. The company employs
approximately 6,000 people throughout the world, and operates its businesses
in three segments: FMC Agricultural Solutions, FMC Health and Nutrition, and
FMC Minerals. For more information, visit www.FMC.com.
About One Equity Partners
One Equity Partners is the private investment arm of JPMorgan Chase & Co. and
manages approximately $14 billion in commitments and investments solely for
the bank. OEP enters into long-term partnerships with companies to create
sustainable value through long-term growth driven both organically and
inorganically. Founded in 2001, OEP has 39 investment professionals in New
York, Chicago, Frankfurt, Vienna, Hong Kong, Sao Paulo and elsewhere around
the globe. Visit www.oneequity.com for more information.
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 2012 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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