FMC Corporation and Environmental Science U.S., known as Envu, has completed its sale of FMC's Global Specialty Solutions business to Envu.
The companies announced the signing of a definitive acquisition agreement in July and have now satisfied all necessary conditions and regulatory approvals.
"The successful sale of our GSS business to Envu marks an important milestone for FMC," says Pierre Brondeau, FMC Chairman and CEO. "This transaction enables us to further sharpen our focus on our core agricultural business while ensuring the GSS business and employees have the right partner in Envu to support their continued growth and success. We look forward to our ongoing collaboration with Envu to ensure a smooth transition and drive innovation in the non-crop market."
As part of the agreement, FMC will work with Envu through the companies' transition period and will remain a contracted supplier of key products and actives.
“This is a very exciting day for Envu, and we believe for our customers as well,” says Gilles Galliou, Envu CEO. “Now that the deal is closed, we will move quickly to begin integrating the GSS team and exploring ways that we can leverage our collective strengths to deliver more innovation and more value for our customers. We look forward to continuing to collaborate with FMC as a trusted supplier and partner.”
FMC intends to allocate all proceeds from the sale to debt reduction.
