I totally missed the FMC split being canceled. In case anyone else did as well I've put the bulk of the Philly.com article below, from last September
Cheers,
G.
FMC Corp., the Philadelphia chemical maker that plans to move its headquarters into a new 49-story tower in University City, said this morning it has agreed to buy Denmark-based pesticide maker Cheminova A/S for $1.8 billion. FMC shares rose modestly on what was for most stocks a down morning.
FMC also said it is changing its plan to split into two companies, which would both have been based in the new tower. FMC will instead keep its Lithium unit (used in batteries), while finding a buyer for its profitable Alkali Chemicals mining and manufacturing division (which mines soda ash and other raw materials, and sells to glass and detergent makers and other basic industries).
FMC also promised savings from combining the companies' marketing, manufacturing and other operations as duplicate jobs and facilities are "rationalized" over the next two years. Alkali sale proceeds will be used to pay loans used to buy Cheminova and other FMC debt. Brondeau expects the Cheminova deal to finish in early 2015 and the Alkali sale to be done by mid-2015.
In statements to investors, chief Pierre Brondeau said FMC has long viewed Cheminova, its $1.2 billion in yearly sales, 1,000 sales and marketing and R&D employees, 60 ingredient products, and "pipeline" of future materials as "an attractive potential partner" that will boost the combined company's sale to soybean, cotton and grain growers in particular. More than half of FMC's current farm chemical sales are to Latin American buyers. Cheminova is more focused on Europe.
Read more at
http://www.philly.com/philly/blogs/inq-p...li-cancel-split.html#1Zl0b7tl4A3Qg7ig.99