FMC Corporation has signed a definitive agreement to sell its Peroxygens business to affiliates of One Equity Partners, the private investment arm of J.P. Morgan Chase & Co. The transaction, valued at approximately $200 million, is expected to close in the first quarter of 2014, subject to customary regulatory approvals and closing conditions.
In April, FMC simplified its organizational structure to focus on three core business segments that better reflect the markets where the company participates and leads, and where it expects to grow in the future. FMC Peroxygens, although a successful business, is not a strategic fit with the company's growth platforms.
"We're pleased to sell our Peroxygens business to a successful and respected investment firm, One Equity Partners," said Pierre Brondeau, president, CEO and chairman of FMC. "This transaction will help unlock the growth potential of the Peroxygens business with focused attention and investment, while allowing FMC to direct our resources to core segments in crop protection, health and nutrition technologies, alkali chemicals and lithium."