PHILADELPHIA, June 23, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) has signed a definitive agreement to sell its Epax® Omega-3 business to Pelagia AS. The transaction is expected to close by the end of Q3 2017, subject to customary regulatory approvals and closing conditions.
"We are pleased to sell our Omega-3 business to Pelagia AS, a leading manufacturer of pelagic fish products," said Eric Norris, president, FMC Health and Nutrition. "We believe Pelagia provides a strong strategic fit for our Epax® Omega-3 product line and will complement Pelagia's existing portfolio."
Terms of the transaction were not disclosed.
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. 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. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. For more information, visit www.FMC.com.
Pelagia is the world's leading producer of pelagic fish and marine protein and oils. Our products are sold globally with revenue of 5.7 billion NOK / 0.7 billion USD in 100% owned companies. Our factories are located in the United Kingdom, Ireland, Denmark and Norway and our approximately 700 employees are processing ca 1.2 billion kilograms of pelagic fish per year. Pelagia strives to increase value on the products we produce. Pelagia's key strategy is being the best supplier to our customers and being the best customer to our suppliers. We aim to achieve this by moving our products up the value chain and the acquisition of FMC's Epax® Omega-3 business complements this strategy.
For more information please visit www.pelagia.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 2016 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.
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SOURCE FMC Corporation