PHILADELPHIA, Nov. 1, 2024 /PRNewswire/ --
FMC Corporation (NYSE:FMC) and Environmental Science U.S. LLC, known as Envu, today announced the successful completion of the sale of FMC's Global Specialty Solutions (GSS) business to Envu. The companies announced the signing of a definitive acquisition agreement on July 11, 2024, and have now satisfied all necessary conditions and regulatory approvals.
The divestiture of 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, is a key step in FMC's strategic plan to focus solely on innovating products and services for the global crop protection market.
"The successful sale of our GSS business to Envu marks an important milestone for FMC," said Pierre Brondeau, FMC Chairman and CEO. "This transaction enables us to further sharpen our focus on our core agricultural business while ensuring the GSS business and employees have the right partner in Envu to support their continued growth and success. We look forward to our ongoing collaboration with Envu to ensure a smooth transition and drive innovation in the non-crop market."
As part of the agreement, FMC will work with Envu through the companies' transition period and will remain a contracted supplier of key products and actives. This ongoing collaboration will support a seamless transition for customers and employees while allowing Envu continued access to innovation.
"This is a very exciting day for Envu, and we believe for our customers as well," said Gilles Galliou, Envu CEO. "Now that the deal is closed, we will move quickly to begin integrating the GSS team and exploring ways that we can leverage our collective strengths to deliver more innovation and more value for our customers. We look forward to continuing to collaborate with FMC as a trusted supplier and partner."
FMC intends to allocate all proceeds from the sale to debt reduction.
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 5,800 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.
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SOURCE FMC Corporation
