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FMC sells Alkali Chemicals business to Tronox for $1.64bn
09
Feb '15
NYSE listed, FMC Corporation said it has signed a definitive agreement to sell its Alkali Chemicals business to Tronox Limited.

In September 2014, FMC announced it was acquiring multinational agrochemical maker Cheminova A/S and would divest the Alkali Chemicals business to reduce debt related to its pending acquisition.

The Alkali Chemicals business is the largest global producer of natural soda ash with its mining and processing facilities located in Green River, Wyo.

Alkali Chemicals' products are used in glass manufacturing, water treatment, pulp and paper, textiles, food and pharmaceutical and cosmetics.

"We are very pleased to sell our Alkali Chemicals business to a leading, global mining and minerals company like Tronox," said Pierre Brondeau, president of FMC.

“This transaction allows FMC to maintain a strong balance sheet as our company focuses on global agriculture, health and nutrition with a portfolio that concentrates on high-growth markets," he added.

"With its industry-leading position in markets complementary to ours, the Alkali Chemicals business brings consistently strong operational and financial performance," said Tom Casey, CEO of Tronox.

He too added, “Together, we will form a leading inorganic chemicals company with around $2.6 billion in sales with the scale, stability and financial strength to continue to pursue our strategic growth initiatives."

The transaction, which is valued at $1.64 billion, is expected to close in the first quarter of 2015, subject to customary regulatory approvals and closing conditions.

BofA Merrill Lynch and Goldman, Sachs & Co. were FMC's financial advisors, while Wachtell, Lipton, Rosen & Katz and Morgan Lewis & Bockius LLP served as FMC's legal advisors for this transaction.

FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products.

In 2013, FMC had annual sales of approximately $3.9 billion and employs approximately 6,000 people throughout the world.

Tronox is a global leader in the production and marketing of mineral sands, titanium dioxide pigment and electrolytic products.

Through the integration of its pigment and mineral sands businesses, the company provides its customers a dependable supply of brightening solutions for a variety of end uses. (AR)

Fibre2fashion News Desk - India

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