FMC To Split Into 2 Independent Public Companies - Quick Facts

(RTTNews) - Diversified chemicals maker FMC Corp. (FMC) announced plans to separate into two independent public companies, "New FMC," which would include FMC's Agricultural Solutions and Health and Nutrition segments and "FMC Minerals," which would comprise FMC's current Minerals division. The separation, which is expected to take the form of a tax-free distribution of shares to existing FMC shareholders, may complete in early 2015, and each company is expected to be listed on the New York Stock Exchange.

Pierre Brondeau, FMC Corporation president, CEO and chairman, said: "FMC has proactively managed its portfolio during the last four years as part of Vision 2015, including a realignment of our reporting segments early last year. Our decision to separate into two independent companies is a natural progression of our strategy. We believe that creating two companies, each with its own publicly-listed equity, will enable the management of each company to pursue its own strategy. This will give each company greater focus on the success factors that are most important to its business and allow the adoption of a capital structure that is appropriate to its business profile."

New FMC would be headed by Pierre Brondeau, president, chief executive and chairman, and Paul Graves would be the executive vice president and chief financial officer. Meanwhile, Mark Douglas, president of Agricultural Solutions, and Mike Smith, vice president and global business director of Health and Nutrition, would continue in their current positions.

On the other hand, the leadership team of FMC Minerals would be led by a new chief executive, who would be announced in the coming months. Andrew Sandifer, FMC Corp.'s current vice president of Strategic Development, would join the FMC Minerals executive leadership team as chief financial officer; whereas Ed Flynn would be chief operations officer for FMC Minerals.