FMC exits non-crop business
Submitted by:
Andrew Warmington
FMC Corporation has agreed to sell its Global Specialty Solutions (GSS) business to Envu for $350 million, subject to closing working capital adjustment. The deal is expected to close by year-end 2024, subject to regulatory approval and other customary closing conditions. FMC intends to allocate all proceeds to debt reduction.
GSS makes biocidal products for non-crop markets such as golf courses, sports stadiums and pest control. As FMC intends to focus on crop protection, GSS “no longer has a clear, strategic role in the company’s mid- or longer-term goals”, the company stated. It had announced plans to explore strategic options for GSS in November 2023.
Envu, which was acquired by international private equity firm Cinven in 2022, is wholly focused on the environmental science sector. It said that it sees GSS “as an opportunity to support its growth strategy while continuing to deliver powerful innovations for customers in professional pest management, turf and ornamentals, and more”.