) said that it has secured exclusive rights to a patented,
broad-spectrum crop protection product from Bayer CropScience,
the subgroup of
). Bayer CropScience is among the leading innovative crop science
companies in the areas of seeds, crop protection and
non-agricultural pest control.
Under the agreement, FMC Corp. will develop and distribute the
promising new crop protection product for row crops in the U.S.
and Canada. The agreement underscores the increasing
collaboration between FMC Corp. and Bayer CropScience and their
success in brining novel crop protection technologies to farmers.
Financial terms of the deal were undisclosed.
FMC Corp. will begin product development and the registration
process in 2014. It expects to launch the product in the next two
to three years.
FMC Corp., which has annual sales of roughly $3.7 billion, is a
leading diversified chemical company that serves agricultural,
industrial, environmental and consumer markets across the globe.
It is a leading maker of Lithium-based materials for primary and
rechargeable batteries used in laptops, cellular phones and
FMC Corp. reported its first-quarter 2013 results in Apr 2013.
Its adjusted earnings of $1.10 per share beat the Zacks Consensus
Estimate by a couple of cents. Profit, as reported, rose roughly
10% year over year to $130.9 million or 94 cents per share on
healthy performance of the company's Agricultural Products and
Specialty Chemicals segments. Revenues went up 5% year over year
to $990.2 million but missed the Zacks Consensus Estimate of
FMC Corp., in the first quarter earnings call, said that it is
realigning its portfolio around three core platforms - FMC
Agricultural Solutions, FMC Health and Nutrition, and FMC
Minerals. As part of the move, the company is exploring the
divestiture of its Peroxygens business.
FMC Corp. currently retains a short-term Zacks Rank #3
Other companies in the chemical space that are worth
Cytec Industries Inc.
PPG Industries Inc.
). Both retain a Zacks Rank #2 (Buy).
BAYER A G -ADR (BAYRY): Free Stock Analysis
CYTEC INDS INC (CYT): Free Stock Analysis
FMC CORP (FMC): Free Stock Analysis Report
PPG INDS INC (PPG): Free Stock Analysis
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