FMC Corporation published a press release on 12 July 2024, where they annouces about the Signs Agreement to Envu for Sale of Global Specialty Solutions. With this deal worth $350 million, FMC Corporation has sold its Global Specialty Solutions (GSS) business. Environmental Science US, LLC, commonly known as Envu, is buying the GSS business from FMC Corporation (NYSE). This is a multinational agrochemical company based in America which announced the signing of definitive agreements that it hopes will see them complete this transaction soon. Envu provides environmental innovations for improving ecological health and safety so they seem like perfect partners for such an acquisition.
FMC Corporation Signs Agreement to Envu
FMC Corporation had said in November 2023 that it was considering strategic options for GSS. The non-crop market includes golf courses, professional sports stadiums and pest control among others. For FMC’s mid-term or long-term objectives; global crop protection products are their main focus hence making GSS no longer strategically relevant.
Pierre Brondeau who serves as Chairman & CEO stated “Global Specialty Solutions has been profitable with impressive growth rates over time; however we believe partnering with Envy will enable continued success through increased attention as well as resources,” said Pierre Brondeau. “We would now be able to concentrate all our efforts onto what matters most – our core business.”
Environmental Innovations by Envu
Privately held investment firm Cinven completed its takeover bid last year when they acquired all shares capital stock making them owners 100%. The environmental science sector which operates under this name since then has experienced tremendous growth due largely because it focuses solely on environment related fields such as conservation management systems etcetera . Gilles Galliou – CEO at Envy expressed his delight about integrating these two companies together because he sees large amounts potential benefits especially around turf & ornamentals accelerated innovation landscape design planning lighting professional pest management public health water quality soil amendment distribution
“Envu wants nothing more than being a future-oriented enterprise that provides forward-thinking solutions for our clients. This being said, we cannot wait to work hand in glove with GSS,” commented Gilles Galliou (CEO). “I am confident that this merger will bring about impressive results within the shortest time possible.”
Advantages of Strategy and Finance: FMC Corporation Signs Agreement to Envu
Marco Strizzi, Cinven’s Senior Principal also mentioned some strategic benefits which come along with financial aspects during an interview session where he said; “FMC GSS represents excellent addition both strategically & financially Speaking from his experience working closely alongside different organizations over years.” He then added by saying; “We are looking forward seeing combined businesses excelling well even beyond our wildest dreams thanks in part because they share common interests when it comes down customers’ satisfaction levels through continuous improvement programs.”
Transaction Details
This deal is expected to close before end of next year if all goes well according to regulatory approval process as stipulated under law today. FMC plans on using proceeds realized from these sales towards paying off debts owed by them at moment . BofA Securities together with McCarter & English acted as advisors for FMC while Barclays bank provided advice in relation thereto .