HOUSTON (ICIS)--Livent Corporation, the lithium business separated from US chemicals firm FMC in an initial public offering (IPO), on Thursday began trading on the New York Stock Exchange under the ticker “LTHM”.
FMC expects to retain about 85% of Livent's outstanding common stock “until such time that FMC elects to distribute through a spin-off or split-off the remaining Livent shares to existing FMC shareholders, thus completing the full separation of Livent from FMC”, it said.
FMC in January confirmed plans to set up the lithium business as a separate, publicly traded company this year.
Philadelphia, Pennsylvania-based Livent employs about 700 people and has seven manufacturing facilities, with plants in the US, the UK, Argentina, China and India.
The company’s primary products are battery-grade lithium hydroxide, butyllithium and high purity lithium metal.
Livent’s strategy is to focus on supplying lithium compounds to the fast growing electric vehicle (EV) battery market while continuing to maintain its position as a global producer of butyllithium and high purity lithium metal, the company said in a recent regulatory filing.