FMC Corporation announced today that it has completed the closing of its acquisition of Cheminova A/S, a multinational crop protection company and a wholly owned subsidiary of Auriga Industries A/S.
FMC completed the acquisition of Cheminova for a collective purchase price of approximately $1.8 billion, including assumption of debt. FMC expects the transaction to be accretive to adjusted earnings in the first full year following the acquisition.
"The acquisition of Cheminova is fully aligned with our corporate strategy to focus FMC's portfolio on agriculture, health and nutrition end markets," Pierre Brondeau, FMC president, CEO and chairman, said. "Cheminova has a highly complementary product portfolio and geographic footprint and follows a similar strategic approach to FMC in applying technology to deliver solutions to its customers. This transaction will broaden our Agricultural Solutions portfolio and significantly strengthen our market access."
In recent years, FMC has been readjusting its business portfolio to expand its position in the crop protection market.
“Cheminova gives us direct market access to key countries in Europe and enhances our customer reach in India, Australia and throughout Latin America, bringing greater balance to our agricultural business,” Brondeau said. “Its technology will enable us to expand FMC's position in existing crops; accelerate access to additional crops, such as cereals; and strengthen our offerings to customers, especially in sugarcane, soybeans and cotton.”
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