PHILADELPHIA, Nov. 1, 2024
/PRNewswire/ --
FMC Corporation (NYSE:FMC) and Environmental Science U.S. LLC,
known as Envu, today announced the successful completion of the
sale of FMC's Global Specialty Solutions (GSS) business to Envu.
The companies announced the signing of a definitive acquisition
agreement on July 11, 2024, and have
now satisfied all necessary conditions and regulatory
approvals.
The divestiture of GSS, which includes a line of products that
serve a diverse mix of non-crop markets such as golf courses,
professional sports stadiums and pest control, is a key step in
FMC's strategic plan to focus solely on innovating products and
services for the global crop protection market.
"The successful sale of our GSS business to Envu marks an
important milestone for FMC," said Pierre Brondeau, FMC Chairman
and CEO. "This transaction enables us to further sharpen our focus
on our core agricultural business while ensuring the GSS business
and employees have the right partner in Envu to support their
continued growth and success. We look forward to our ongoing
collaboration with Envu to ensure a smooth transition and drive
innovation in the non-crop market."
As part of the agreement, FMC will work with Envu through the
companies' transition period and will remain a contracted supplier
of key products and actives. This ongoing collaboration will
support a seamless transition for customers and employees while
allowing Envu continued access to innovation.
"This is a very exciting day for Envu, and we believe for our
customers as well," said Gilles Galliou, Envu CEO. "Now that the
deal is closed, we will move quickly to begin integrating the GSS
team and exploring ways that we can leverage our collective
strengths to deliver more innovation and more value for our
customers. We look forward to continuing to collaborate with FMC as
a trusted supplier and partner."
FMC intends to allocate all proceeds from the sale to debt
reduction.
About FMC
FMC Corporation is a global agricultural sciences company
dedicated to helping growers produce food, feed, fiber and fuel for
an expanding world population while adapting to a changing
environment. FMC's innovative crop protection solutions – including
biologicals, crop nutrition, digital and precision agriculture –
enable growers, crop advisers and turf and pest management
professionals to address their toughest challenges economically
while protecting the environment. With approximately 5,800
employees at more than 100 sites worldwide, FMC is committed to
discovering new herbicide, insecticide and fungicide active
ingredients, product formulations and pioneering technologies that
are consistently better for the planet. Visit fmc.com to learn more
and follow us on LinkedIn®.
About Envu
Envu was founded in 2022, a company built on years of
environmental science experience, for the sole purpose of
advancing healthy environments for everyone, everywhere. Envu
offers dedicated services in: Professional Pest Management,
Forestry, Ornamentals, Golf, Industrial Vegetation Management,
Lawn & Landscape, Mosquito Management, and Range &
Pasture. Envu collaborates with customers to design innovative
solutions that meet their requirements today and well into the
future. The Envu portfolio consists of over 180 trusted and
well-known brands. The company employs 900 people, operates in 100
countries, and has four global innovation hubs. For additional
information, visit www.envu.com.
Statement under the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995: FMC and its
representatives may from time to time make written or oral
statements that are "forward-looking" and provide other than
historical information, including statements contained in this
press release, in FMC's other filings with the SEC, and in
presentations, reports or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking
statements by such words or phrases as "outlook", "will likely
result," "is confident that," "expect," "expects," "should,"
"could," "may," "will continue to," "believe," "believes,"
"anticipates," "predicts," "forecasts," "estimates," "projects,"
"potential," "intends" or similar expressions identifying
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the negative of
those words or phrases. Such forward-looking statements are based
on our current views and assumptions regarding future events,
future business conditions and the outlook for the company based on
currently available information. The forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any
results, levels of activity, performance or achievements expressed
or implied by any forward-looking statement. These statements are
qualified by reference to the risk factors included in Part I, Item
1A of our Annual Report on Form 10-K for the year ended
December 31, 2023 (the "2023 Form
10-K"), the section captioned "Forward-Looking Information" in Part
II of the 2023 Form 10-K and to similar risk factors and cautionary
statements in all other reports and forms filed with the Securities
and Exchange Commission ("SEC"). We wish to caution readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. Forward-looking statements
are qualified in their entirety by the above cautionary
statement.
We specifically decline to undertake any obligation, and
specifically disclaims any duty, to publicly update or revise any
forward-looking statements that have been made to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events, except as may be
required by law.
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SOURCE FMC Corporation
