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PHILADELPHIA, July 11, 2024 /PRNewswire/ —
FMC Company (NYSE:FMC), a important world agricultural sciences corporate, these days introduced it has signed a definitive word of honour to promote its International Uniqueness Answers (GSS) industry to Environmental Science US, LLC, referred to as Envu, an environmental science corporate offering inventions that give protection to and support the fitness of environments world wide. Envu will acquire the GSS industry for a purchase order worth of $350 million, topic to ultimate running capital adjustment.
In November 2023, FMC introduced plans to discover strategic choices for GSS, which incorporates a sequence of goods that lend a various mixture of non-crop markets equivalent to golfing classes, skilled sports activities stadiums and pest keep an eye on. As FMC concentrates on innovating services for the worldwide abbreviate coverage marketplace, GSS not has a sunlit, strategic function within the corporate’s mid- or longer-term objectives.
“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,” mentioned Pierre Brondeau, FMC Chairman and CEO. “With this divestment, FMC can focus solely on its core business.”
Envu, which used to be got by way of world non-public fairness company Cinven in 2022, is simply devoted to the environmental science sector and sees GSS as a possibility to aid its expansion technique pace proceeding in order tough inventions for purchasers in skilled pest control, turf & ornamentals and extra.
“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,” mentioned 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 Predominant 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 predicted to similar by way of year-end 2024, topic to regulatory goodwill and alternative normal ultimate statuses. FMC intends to allocate all proceeds from the sale to debt relief.
BofA Securities acted as monetary assistant and McCarter & English used to be prison assistant to FMC, pace Barclays acted as monetary assistant and Baker McKenzie used to be prison assistant to Envu for the transaction. Additional phrases and statuses of the word of honour weren’t disclosed.
About FMC
FMC Company is a world agricultural sciences corporate devoted to serving to growers assemble meals, feed, fiber and gas for an increasing global crowd pace adapting to a converting order. FMC’s cutting edge abbreviate coverage answers – together with biologicals, abbreviate diet, virtual and precision agriculture – allow growers, abbreviate advisers and turf and pest control pros to deal with their hardest demanding situations economically pace protective the order. With roughly 6,200 staff at greater than 100 websites international, FMC is dedicated to finding unused herbicide, insecticide and fungicide lively elements, product formulations and pioneering applied sciences which can be persistently higher for the planet. Discuss with fmc.com to be informed extra and apply us on LinkedIn®.
About Envu
Envu used to be based in 2022, an organization constructed on years of environmental science revel in, for the only real objective of advancing wholesome environments for everybody, all over. Envu offer devoted products and services in: Skilled Pest Control, Forestry, Ornamentals, Golfing, Commercial Crops Control, Garden & Ground, Mosquito Control, and Field & Pasture. Envu collaborates with shoppers to design cutting edge answers that meet their necessities these days and neatly into the age. The Envu portfolio is composed of over 180 relied on and prominent manufacturers. The corporate employs 900 community, operates in 100 nations, and has 4 world innovation hubs. For supplementary data, seek advice from www.envu.com.
About Cinven
Cinven is a important world non-public fairness company inquisitive about construction world-class world and Ecu corporations. Its budget put money into six key sectors: Industry Services and products, Client, Monetary Services and products, Healthcare, Industrials and Era, Media and Telecommunications (TMT). Cinven has workplaces in London, Fresh York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a accountable way in opposition to its portfolio corporations, their staff, providers, native communities, the order and community.
Cinven Capital Control (V) Common Spouse Restricted, Cinven Capital Control (VI) Common Spouse Restricted, Cinven Capital Control (VII) Common Spouse Restricted and Cinven Capital Control (SFF) Common Spouse Restricted are each and every accredited and controlled by way of the Guernsey Monetary Services and products Fee, and Cinven Restricted is accredited and controlled by way of the Monetary Habits Authority.
On this press loose ‘Cinven’ way, relying at the context, any of or jointly, Cinven Holdings Guernsey Restricted, Cinven Partnership LLP, and their respective Mates (as outlined within the Corporations Business 2006) and/or budget controlled or recommended by way of any of the foregoing.
For supplementary data on Cinven please seek advice from www.cinven.com and www.linkedin.com/company/cinven/.
Observation beneath the Barricade Harbor Provisions of the Non-public Securities Litigation Reform Business of 1995: FMC and its representatives would possibly from future to future create written or oral statements which can be “forward-looking” and serve alternative than historic data, together with statements contained on this press loose, in FMC’s alternative filings with the SEC, and in displays, stories or letters to FMC stockholders.
In some instances, FMC has known those forward-looking statements by way of such phrases or words 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 homogeneous expressions figuring out “forward-looking statements” throughout the that means of the Non-public Securities Litigation Reform Business of 1995, together with the unfavourable of the ones phrases or words. Such forward-looking statements are according to our tide perspectives and guesses referring to age occasions, age industry statuses and the outlook for the corporate according to lately to be had data. The forward-looking statements contain recognized and unknown dangers, uncertainties and alternative elements that can purpose fresh effects to be materially other from any effects, ranges of job, efficiency or achievements expressed or implied by way of any forward-looking observation. Those statements are certified by way of connection with the danger elements integrated in Phase I, Merchandise 1A of our Annual Record on Method 10-Ok for the 12 months ended December 31, 2023 (the “2023 Form 10-K”), the category captioned “Forward-Looking Information” in Phase II of the 2023 Method 10-Ok and to homogeneous possibility elements and cautionary statements in all alternative stories and methods filed with the Securities and Trade Fee (“SEC”). We want to warning readers to not park undue reliance on one of these forward-looking statements, which discuss most effective as of the year made. Ahead-looking statements are certified of their entirety by way of the above cautionary observation.
We particularly diminish to adopt any legal responsibility, and particularly disclaims any responsibility, to publicly replace or revise any forward-looking statements which have been made to replicate occasions or cases next the year of such statements or to replicate the incidence of expected or unanticipated occasions, apart from as is also required by way of legislation.
SOURCE FMC Company
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