US FMC divestiture of peroxygens division may occur before year’s end

01 May 2013 22:29  [Source: ICIS news]

HOUSTON (ICIS)--FMC Corporation could divest itself of its peroxygens business before 2013 comes to a close, the CEO of the US-based specialty chemical producer said on Wednesday.

“We believe the process is going to be moving forward at a good pace,” said CEO Pierre Brondeau, who made his comments during a conference call regarding FMC’s Q1 2013 earnings.

“I would actually believe that a divestiture of this business or at least a contract signed with a buyer would be possible somewhere between the end of the third quarter and … the end of the fourth quarter,” he said.

FMC announced on Tuesday that it is looking to divest its peroxygens division, including select product lines and assets in its environmental solutions division.

The operations under evaluation for divestment are expected to generate $350m (€266m) in revenue for 2013, Brondeau said.

FMC’s peroxygens business is a supplier of hydrogen peroxide, persulphate products, peracetic acid and other specialty oxidants.

The possible divestiture is part of FMC’s Vision 2015 strategic plan, which seeks to align the company on three core platforms – agriculture, health and nutrition, and minerals, Brondeau said.

“Although peroxygens is a successful, profitable business and has been an important part of FMC for many years, we no longer view it as a strategic fit given the evolution of our portfolio and our increased focus on the three core platforms,” the CEO said during Wednesday’s conference call.

FMC produces agricultural products and specialty and industrial chemicals.

($1 = €0.76)

By: Jeremy Pafford
+1 713 525 2653

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