PHILADELPHIA, July 11,
2024 /PRNewswire/ --
FMC Corporation (NYSE:FMC), a leading global agricultural
sciences company, today announced it has signed a definitive
agreement to sell its Global Specialty Solutions (GSS) business
to Environmental Science US, LLC, known as Envu, an
environmental science company providing innovations that protect
and enhance the health of environments around the world. Envu will
purchase the GSS business for a purchase price of $350 million, subject to closing working capital
adjustment.
In November 2023, FMC announced
plans to explore strategic options for 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. As FMC
concentrates on innovating products and services for the global
crop protection market, GSS no longer has a clear, strategic role
in the company's mid- or longer-term goals.
"Global Specialty Solutions is a profitable business with a
strong history of growth. We believe this agreement with Envu will
provide the attention and resources it needs to continue thriving,"
said Pierre Brondeau, FMC Chairman and CEO. "With this divestment,
FMC can focus solely on its core business."
Envu, which was acquired by international private equity firm
Cinven in 2022, is solely dedicated to the environmental science
sector and sees GSS as an opportunity to support its growth
strategy while continuing to deliver powerful innovations for
customers in professional pest management, turf & ornamentals
and more.
"As a focused company that is dedicated to delivering
forward-thinking solutions for our customers, we are excited by the
prospect of joining forces with the GSS business," said Gilles
Galliou, Envu CEO. "We see significant synergies and potential for
accelerated innovation from the combination. In addition, as the
successful outcome of a carveout transaction ourselves, we believe
we are the ideal partner to help GSS through this transition and
maximize our collective potential."
Marco Strizzi, Senior Principal
at Cinven, added: "We are delighted to bring together two highly
respected, complementary businesses with a shared focus on
delivering seamless customer service and product innovation in the
attractive environmental science market. We see FMC GSS as a
compelling addition to Envu strategically and financially and look
forward to continuing to support the combined business' strong
growth trajectory."
The transaction is expected to close by year-end 2024, subject
to regulatory approval and other customary closing conditions. FMC
intends to allocate all proceeds from the sale to debt
reduction.
BofA Securities acted as financial adviser and McCarter &
English was legal adviser to FMC, while Barclays acted as financial
adviser and Baker McKenzie was legal adviser to Envu for the
transaction. Further terms and conditions of the agreement were not
disclosed.
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 6,200
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.
About Cinven
Cinven is a leading international private equity firm focused on
building world-class global and European companies. Its funds
invest in six key sectors: Business Services, Consumer, Financial
Services, Healthcare, Industrials and Technology, Media and
Telecommunications (TMT). Cinven has offices in London, New
York, Frankfurt,
Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a responsible approach towards its portfolio
companies, their employees, suppliers, local communities, the
environment and society.
Cinven Capital Management (V) General Partner Limited, Cinven
Capital Management (VI) General Partner Limited, Cinven Capital
Management (VII) General Partner Limited and Cinven Capital
Management (SFF) General Partner Limited are each authorised and
regulated by the Guernsey Financial Services Commission, and Cinven
Limited is authorised and regulated by the Financial Conduct
Authority.
In this press release 'Cinven' means, depending on the context,
any of or collectively, Cinven Holdings Guernsey Limited, Cinven
Partnership LLP, and their respective Associates (as defined in the
Companies Act 2006) and/or funds managed or advised by any of the
foregoing.
For additional information on Cinven please visit www.cinven.com
and www.linkedin.com/company/cinven/.
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
