Key Takeaways:
- FMC Corporation has completed the sale of its Global Specialty Solutions (GSS) business to Environmental Science U.S. LLC (Envu).
- The divestiture aligns with FMC’s strategic focus on the global crop protection market.
- Envu will integrate GSS’s non-crop solutions, serving markets such as golf courses, sports stadiums, and pest control.
- FMC will continue collaborating with Envu during the transition, supplying key products to support continuity.
Strategic Shift for FMC Corporation
FMC Corporation has finalized the sale of its Global Specialty Solutions (GSS) business to Environmental Science U.S. LLC, known as Envu. Originally announced on July 11, 2024, the transaction has now met all regulatory and contractual requirements. This move represents a significant step in FMC’s strategy to streamline its focus on developing solutions for the global crop protection market.
Pierre Brondeau, FMC’s Chairman and CEO, noted, “The successful sale of our GSS business to Envu marks an important milestone for FMC. This transaction enables us to sharpen our focus on our core agricultural business while ensuring that GSS employees have the right partner in Envu to support their continued growth.”
Envu Expands Non-Crop Market Presence
The divestiture of GSS provides Envu with a diverse range of products targeting non-crop markets such as golf courses, sports stadiums, and pest control. Envu CEO Gilles Galliou expressed optimism about the acquisition, stating, “Now that the deal is closed, we will move quickly to begin integrating the GSS team and exploring ways to leverage our collective strengths to deliver more innovation and value for our customers.”
FMC Corporation Latest News
Third-Quarter Results: Revenue and Earnings Improvement (2024/10/30)
FMC Corporation reported a 9% revenue growth in Q3 2024, primarily due to a 17% increase in volume. The company’s GAAP net income rebounded from a loss in Q3 2023, with adjusted earnings reaching $0.69 per share, a 57% increase year-over-year. Adjusted EBITDA rose 15% to $201 million, exceeding FMC’s guidance. FMC’s Chairman and CEO, Pierre Brondeau, cited demand increases in North and Latin America as major drivers. However, market conditions varied across regions, with North America experiencing a 48% year-over-year revenue surge. FMC’s Q4 2024 guidance projects revenue between $1.30 billion and $1.41 billion, a 19% increase over Q4 2023. The full year’s revenue outlook is $4.33 billion to $4.44 billion, with adjusted EBITDA and EPS expected to decrease slightly. FMC expects continued growth in 2025 due to cost efficiencies and restructuring benefits.
Launches Ambriva® Herbicide in India to Combat Phalaris Minor in Wheat Fields (2024/10/14)
FMC has launched Ambriva® herbicide for wheat farmers in India, aiming to combat the weed Phalaris minor, which has developed resistance to multiple herbicides. The herbicide, which contains Isoflex® active, is designed to target this weed, which has been a persistent issue for farmers in key regions like Punjab, Haryana, Uttar Pradesh, and Rajasthan. The product, which has been rigorously tested in India, offers early post-emergence knock-down activity and residual control, ensuring wheat crops are protected during the critical crop-weed competition period. FMC’s launch is part of its commitment to sustainable agriculture, focusing on research and development to improve crop resilience, productivity, and overall sustainability in the agricultural sector.
Partners with Ballagro to Expand Biological Solutions for Brazilian Growers (2024/10/01)
FMC Corporation has partnered with Brazilian biosolutions pioneer Ballagro Agro Tecnologia Ltda. to license and distribute key biosolutions. The partnership aims to enhance Brazilian growers’ ability to protect crops amid evolving pest pressures and environmental conditions. The collaboration is part of FMC’s strategy to expand its biologicals platform in Brazil, a crucial agricultural market.
Hosts Roundtable on Sustainable Food Systems During UN Global Compact Event (2024/09/25)
FMC Corporation, in partnership with the UN Global Compact Network USA, hosted a roundtable titled “Sustainable Food Systems: Paving the Way for a Greener Future.” The event focused on climate change, food security, and resource conservation, emphasizing the importance of shared goals and partnerships in building sustainable agriculture. The roundtable discussed emerging technologies, policies, and practices that are reshaping food systems and helping build more resilient supply chains. FMC’s chief sustainability officer, Julie DiNatale, emphasized the company’s commitment to innovation and collaboration across the food value chain to drive meaningful progress in sustainable agriculture.
Secures Temporary Restraining Order Against Sharda USA LLC (2024/08/28)
FMC Corporation has granted a temporary restraining order against Sharda USA LLC, which prohibits the import, marketing, advertising, selling, or distribution of premix products containing bifenthrin and cyano-pyrethroids covered by FMC’s patents. The order is part of an ongoing lawsuit filed by FMC against Sharda, alleging that Sharda’s products infringe on FMC’s US patents related to insecticide formulations. FMC’s executive vice president, general counsel, and secretary, Michael Reilly, emphasized the importance of patent compliance in the crop protection industry and the company’s commitment to defending its intellectual property.
Seeks Regulatory Approval for New Herbicide in Major Rice-Growing Countries (2024/08/21)
FMC Corporation (NYSE: FMC) has made significant progress in introducing its new herbicide Dodhylex™ active. The company has submitted regulatory applications for the herbicide in eight key rice-growing countries, including India, Brazil, the Philippines, the United States, Colombia, South Korea, Peru, and Taiwan. Dodhylex™ active represents a major development in herbicide technology and has been classified as a Group 28 herbicide by the HRAC and WSSA. FMC plans to pursue regulatory approval in additional markets. The new herbicide is expected to help manage herbicide-resistant weeds in rice and potentially in other crops like sugarcane, wheat, soybean, and corn.
Reports Second Quarter 2024 Financial Results (2024/08/01)
FMC Corporation reported strong financial results for the second quarter of 2024, with revenue increasing by 2% to $1.04 billion and GAAP income per diluted share soaring by 879% due to tax incentives. The company achieved adjusted earnings per share of $0.63, a 26% increase, and an 8% rise in adjusted EBITDA to $202 million, driven by higher sales volumes and restructuring benefits. Despite a 10% decline in pricing and currency headwinds, FMC saw significant regional growth in North America and Latin America. The company also reported improved cash flow and adjusted its full-year 2024 outlook, expecting revenue between $4.30 billion and $4.50 billion, with challenges in pricing and foreign exchange likely to offset gains from volume growth and restructuring efforts. Looking ahead, FMC anticipates a robust second half of 2024 with projected revenue and EBITDA growth.
Receives Registration in India for Isoflex® Active and Ambriva® Herbicide (2024/07/31)
FMC has registered Isoflex® active and Ambriva® herbicide in India, which will benefit wheat farming in areas facing challenges from weed resistance. Isoflex® active is a group 13 herbicide that’s registered in multiple countries. Ambriva® herbicide, containing Isoflex® active and metribuzin, targets Phalaris minor and has shown consistent effectiveness against this weed in wheat crops.
Sells Global Specialty Solutions Business to Envu for $350M (2024/07/15)
FMC Corporation has signed an agreement to sell its Global Specialty Solutions business to Environmental Science US, LLC for $350 million. The sale aligns with FMC’s strategy to focus on the global crop protection market. The transaction is expected to close by the end of 2024, subject to regulatory approval. Proceeds from the sale will be allocated to debt reduction.
Announces Leadership Changes: Brondeau and Pereira Appointed to New Roles (2024/06/12)
FMC Corporation (NYSE: FMC) announced changes in leadership. Pierre Brondeau has been appointed as CEO, in addition to his role as board chairman, following the resignation of Mark Douglas. Ronaldo Pereira has been appointed as president. Brondeau, who previously served as chairman and CEO of FMC, returns to lead the company, while Pereira, a veteran of FMC, will take on expanded responsibilities. Mark Douglas will serve as an executive advisor until September 1. Brondeau expressed optimism about FMC’s future, highlighting the company’s strong R&D pipeline and robust product portfolio.
Gains Registration for Azugro® and Ezanya® Herbicides in Brazil (2024/05/29)
FMC Corporation (NYSE: FMC) has announced the registration of its Azugro® and Ezanya® herbicides in Brazil for use in cotton, tobacco, and wheat crops. These herbicides, powered by Isoflex® active, are designed to effectively control herbicide-resistant weeds, providing Brazilian farmers with innovative solutions. FMC is committed to enhancing crop productivity and resilience through these new herbicides and continues to explore their use in additional crops and segments within Brazil.
Releases 2023 Sustainability Report and Climate Transition Plan (2024/05/24)
FMC Corporation (NYSE: FMC) released its 2023 sustainability report, “From the Ground Up.” The report highlights the company’s progress on environmental goals, sustainable product innovation, and community and stakeholder engagement. It also includes FMC’s Climate Transition Plan, outlining the strategy to achieve net-zero greenhouse gas emissions by 2035.
Read the report here.
Collaborates with Optibrium to Enhance AI-Driven Crop Protection Research (2024/05/15)
FMC Corporation (NYSE: FMC) has announced a new collaboration with Optibrium to integrate AI technologies into its crop protection research. The partnership aims to accelerate the discovery and commercialization of new solutions for growers. The company will leverage Optibrium’s Cerella™ and StarDrop™ technologies to enhance its research and development efforts and focus on sustainable products.
Announces Research Partnership with AgroSpheres (2024/05/10)
FMC Corporation (NYSE: FMC) has announced a research agreement with biotechnology innovator AgroSpheres to develop bioinsecticides. The partnership aims to strengthen FMC’s leadership in the insecticide sector and enhance AgroSpheres’ speed to market, especially for its RNA portfolio. The collaboration combines AgroSpheres’ production and formulation technology with FMC’s capabilities in high throughput testing, evaluation, and marketing to advance sustainable agriculture.
Reports Its Q1 2024 Financial Results (2024/05/05)
FMC Corporation (NYSE: FMC) reported a 32% decline in revenue and an 80% drop in adjusted earnings per share for Q1 2024. The decrease was largely due to a 27% decline in volume, price reductions, and adverse foreign currency impacts. However, new products like Xyway® and Adastrio® performed well in Latin America. FMC has maintained its 2024 full-year revenue forecast at $4.50 billion to $4.70 billion and expects a 23% increase in second-half sales. For Q2 2024, FMC projects revenue between $1.00 billion and $1.15 billion, signaling a 6% increase at the midpoint compared to Q2 2023.
Read more here.
Announces New Leadership Appointments in Investor Relations and Corporate Strategy (2024/04/04)
FMC Corporation has announced significant leadership changes in its Investor Relations and Corporate Strategy divisions. Curt Brooks is the new Director of Investor Relations, taking over from Abizar “Zack” Zaki, who becomes Vice President of Corporate Strategy. Brooks will lead FMC’s investor communications, while Zaki will be in charge of Corporate Strategy and M&A efforts. These changes are part of FMC’s strategic realignment to enhance investor engagement and corporate strategy initiatives.
Announces Key Leadership Appointments in North and LATAM (2024/03/21)
FMC Corporation has announced leadership changes in North and Latin America. Darren Dillenbeck is now Vice President and President of FMC North America, and Renato Guimarães is appointed as Vice President and President of FMC Latin America, effective April 1. Dillenbeck has expanded FMC’s market presence and introduced innovative products in the US and Canada, while Guimarães is a seasoned professional in the agribusiness sector.
Partners with Novonesis to Enhance Agricultural Solutions in Canada (2024/03/12)
FMC Corporation has partnered with Novonesis to enhance its biologicals platform in Canada. FMC Canada will distribute Novonesis’ biosolutions exclusively from 2024. The companies will also collaborate on research and development initiatives, aiming to develop cutting-edge biological technology for Canadian agriculture. Both companies aim to deliver sustainable agricultural solutions to Canadian farmers.
Executive Leadership Transitions to Support Strategic Goals (2024/03/01)
FMC Corporation announced critical adjustments to its executive leadership team to enhance the company’s operational model for greater efficiency and profitable growth. Barry Crawford is now the VP of Transformation Management to execute FMC’s restructuring plans. Thaisa Hugenneyer has been promoted to Executive VP, taking on additional responsibilities in Manufacturing, Supply Chain, and EHS organization. Brian Angeli is the new Executive VP and CMO, and Dr. Seva Rostovtsev is promoted to Executive VP and retains his role as CTO.
Reports On FY 2023 Performance (2024/02/06)
FMC Corporation reported a decrease in revenue to $1.15 billion in Q4 2023, with a remarkable increase in GAAP net income to $1.10 billion, bolstered by one-time tax benefits. For the full year, FMC reported a revenue of $4.49 billion, a 23% year-over-year decrease. Despite the challenges, FMC emphasized the robust sales of its new and differentiated products. For 2024, FMC forecasts revenue between $4.50 billion and $4.70 billion, with adjusted EBITDA projected to range from $900 million to $1.05 billion.
FMC India’s Rynaxypyr®️ Wins Award (2023/12/25)
FMC India’s Rynaxypyr®️ active has been recognized as one of the best brands in agriculture at the Best Brands Conclave 2023. The insect control technology protects 16 major crops in India and is part of leading products Coragen® and Ferterra®. Rynaxypyr®️ active has a global presence in over 120 countries and is committed to providing advanced, sustainable crop protection solutions. The recognition followed a rigorous assessment of over 120 companies, highlighting its market influence and contribution to the industry.
Appoints Patrick Day As VP of Financial Planning & Analysis (2023/10/19)
FMC Corporation has announced Patrick Day as the new Vice President of Financial Planning and Analysis (FP&A) starting January 1, 2024. Day has a rich history with FMC, joining in 2013 and demonstrating strong leadership in finance and operations roles. He holds a bachelor’s degree in Finance and a master’s in Accounting and Tax, and his appointment is a strategic move for FMC Corp, focusing on restructuring initiatives and financial operations.
Unveils Growth Plan For Next Months (2023/11/20)
On November 16th, FMC Corp unveiled its new strategic growth plan at its Investor Day in Philadelphia. FMC aims to enhance grower relationships, drive superior growth and returns, and uphold its leadership in safety, sustainability, and innovation. Key initiatives include expanding the Plant Health business, streamlining operations for better efficiency, and developing new products. FMC plans to generate robust cash in 2024 and aims to be a leader in sustainable agriculture.
Securities Lawsuit (2023/11/13)
Gainey McKenna & Egleston law firm has filed a class-action lawsuit against FMC Corporation (NYSE: FMC) in the United States District Court for the Eastern District of Pennsylvania. The lawsuit alleges that FMC provided overly optimistic projections to investors while hiding legal losses, leading to increased generic competition. The lead plaintiff motion deadline is January 8, 2024.
Amends Credit Agreement to Navigate Global Market Downturn (2023/11/08)
FMC Corp has amended its revolving credit agreement to adjust the maximum leverage ratio covenant for financial flexibility in response to the current global crop protection market downturn. The amendment provides temporary covenant relief, effective immediately until June 30, 2024. FMC Corp is confident in its ability to generate strong cash flow in 2024, which will be used to reduce debt and uphold its commitment to shareholder dividends. More details are available in the Form 8-K filed today, and FMC Corp will provide further insights into its financial outlook during its Investor Day on November 16.
Reports Decline in Q3 2023 Performance (2023/10/31)
FMC Corp reported a significant decline in Q3 2023 financial performance with revenue of $982 million, marking a 29% decrease YoY. The company attributes the decline to volume headwinds from channel destocking behavior, particularly in Brazil. All regions saw a sales decline, with North America experiencing a 34% YoY decrease. FMC Corporation revised its 2023 full-year outlook and is implementing a restructuring program to adjust its cost base. The company plans to continue investing in developing and launching new products.
Recognized in Top 25 of World Benchmarking Alliance’s 2023 Nature Benchmark (2023/10/05)
FMC Corp has been ranked 23rd out of 350 companies in the food and agriculture sector and 6th in the agricultural inputs segment by the World Benchmarking Alliance’s 2023 Nature Benchmark. They have been recognized for their efforts to protect biodiversity and the environment as well as their progress on sustainability goals, particularly their net-zero and waste-to-beneficial-reuse objectives. With around 6,600 employees across 100 sites worldwide, FMC Corporation is committed to discovering new herbicide, insecticide, and fungicide active ingredients that are better for the planet.
Announces Dodhylex™ Active: A New Herbicide for Effective Weed Control in Rice (2023/08/25)
FMC Corp unveils Dodhylex™ active as the global brand name for tetflupyrolimet, a groundbreaking herbicide designed to combat rice’s most challenging grass weeds. The herbicide is expected to be launched in 2025 and provides season-long control of vital grass weeds in the rice market, broadleaf weeds, and sedges. Dodhylex™ Active is the first new herbicide with a novel mode of action in the industry in over three decades.
Obtains Brazilian Registration for Fluindapyr, a Novel SDHI Fungicide for Crop Protection (2023/08/23)
FMC Corp has obtained Brazilian registration for its new fungicide, fluindapyr. This broad-spectrum succinate dehydrogenase inhibitor (SDHI) protects against various diseases in row crops. FMC plans to register different fluindapyr formulations for use in Brazil’s cotton, corn, and soybean crops. The accessibility of this innovative disease management tool will enable growers to optimize their crop yield. The registration of fluindapyr in Brazil adds to the growing list of countries registered, paving the way for the fungicide’s availability in other key markets. This development reflects FMC Corporation’s dedication to innovation and adaptability in the face of evolving agricultural challenges.
Commits $30.5M to the Zero Hunger Private Sector Pledge (2023/08/09)
FMC Corp pledged $30.5 million to the Zero Hunger Private Sector Pledge. Originating from the UN Food Systems Summit Action Track 1, the Pledge encourages businesses to synchronize their ventures with the worldwide objective of eradicating hunger by 2030. FMC Corp’s dedication encompasses initiatives to enhance smallholder farmers‘ income and productivity, offer training for rural women and youth, and promote digital farming technologies in Asia, Africa, and Latin America.
Reports Q2 Results & Confirms FY Outlook (2023/08/03)
FMC Corp reported a decline in revenue and earnings for Q2 2023 compared to last year. The company’s revenue was down by 30%, GAAP earnings decreased by 77%, and adjusted earnings declined by 74% compared to Q2 2022. The company’s performance was affected by reduced inventory, high insect pressure, channel and grower destocking, adverse weather conditions, and historic drought in various regions. Despite the drop in sales, FMC’s innovative products remained resilient. The company’s CEO expressed optimism for growth in the year’s second half due to lower costs, price increases, and strong demand for innovative products.
Adjusts Q2 and Full-Year 2023 Financial Outlook Amid Unforeseen Market Changes (2023/07/11)
The company anticipates revenue between $1.00B to $1.03B and adjusted EBITDA of $185M to $190M for Q2 2023, due to channel partners’ inventory dip. The company updates full-year financial forecast to $5.2B to $5.4B revenue and $1.3B to $1.4B adjusted EBITDA. The unexpected market changes resulted in unforeseen volume declines in three of FMC Corp’s four operating regions. Despite this, actual consumption of FMC Corp’s products remains robust, and the company is committed to delivering strong performance for its shareholders.
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