PHILADELPHIA, July 25, 2016 /PRNewswire/ -- FMC Corporation (NYSE:FMC) will accelerate the expansion of its global lithium hydroxide production capacity as a result of a new multi-year supply agreement with a major manufacturer of electric vehicles.
FMC had previously announced plans to triple its global lithium hydroxide production capacity to serve the growing electric vehicle market, with the first 4,000 metric tons per year scheduled to come on line in mid-2017. As a result of today's announcement, an additional 4,000 metric ton expansion will come on line in 2017, raising the company's total global lithium hydroxide capacity to 18,000 metric tons.
"We partner closely with leading manufacturers of lithium ion batteries and electric vehicles to ensure our production meets their current and future demand," said Tom Schneberger, vice president and global business director, FMC Lithium. "Our manufacturing network is highly flexible, which allows us to increase capacity or accelerate expansion plans as customer needs warrant."
Over the next several years, FMC plans to further increase capacity of lithium hydroxide, raising the company's annual output to at least 30,000 metric tons.
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC acquired Cheminova in April 2015. Revenue totaled approximately $3.3 billion in 2015. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.
Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2015 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.
SOURCE FMC Corporation