PHILADELPHIA, Sept. 5, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC), BCEG Environmental Remediation Co., Ltd. (BCEER), and BRISEA Group, Inc., have signed a definitive agreement to form a joint venture to manufacture and market cost-effective, environmentally friendly products for soil and groundwater remediation in China.
By combining BCEER's leading position in China's remediation market and BRISEA's global reputation for environmental technology transfer, the new joint venture is poised to introduce a number of cost-effective technologies from FMC's Environmental Solutions Division. The joint venture, named Beijing Enviro-Chem (Beijing Enviro-Chem Industry and Commerce Co., Ltd.), will also provide research and development, laboratory feasibility testing, remedial design and technical support services.
"We are pleased to join forces with these well-respected market leaders to address the urgent environmental challenges in China with innovative and cost-effective solutions," said Amy O'Shea, FMC Environmental Solutions Division manager. "This agreement provides a strong platform for future growth as new regulations for soil and groundwater begin to take shape in this important market."
The joint venture will market FMC's broad product portfolio of unique in situ chemical oxidation technologies, in situ chemical reduction technologies, and other leading environmental remediation solutions. FMC's environmental portfolio of soil and groundwater remediation technologies have been used across six continents to remediate hydrocarbons, halogenated organics, organic explosive compounds, pesticides and heavy metals. Beijing Enviro-Chem is expected to immediately sell products that will be used on several key projects in China.
"This is a clear case of investing ahead of the curve," said Gao Yanli, general manager of BCEG Environmental Remediation Co., Ltd. (BCEER). "Beijing Enviro-Chem brings together the right partners with the right knowledge and relationships at the right time. We're delighted to work collaboratively with FMC Environmental Solutions and BRISEA, bringing new technologies to the forefront and helping to advance China's commitment to environmental remediation."
"We're so pleased to see our vision come to fruition," said Yuhong Jiang, president of BRISEA Group, Inc. "Our goal is to introduce urgently needed technologies and products to China to tackle its environmental challenges. We expect to see Beijing Environ-Chem become a key player in China's fast-growing remediation market."
The joint venture will be led by a global team of experienced executives from the joint venture partners. It is expected to receive approval from the Chinese government by late 2012. Terms of the transaction were not disclosed.
About BCEG Environmental Remediation Co., Ltd.
BCEG Environmental Remediation Co., Ltd. (BCEER) is a wholly owned subsidiary of Beijing Construction Engineering Group, which is among the first providers of environmental remediation services in China. For information on BCEER, go to www.bceer.com.
About BRISEA Group, Inc.
BRISEA Group, Inc., an environmental service company with offices in Beijing and the United States, providing environmental technology transfer, training and other technical assistance for both U.S. and Chinese clients. For information on BRISEA Group, go to www.brisea.com.
About FMC Corporation
FMC Corporation is a diversified chemical company serving agricultural, industrial, environmental and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2011, FMC had annual sales of approximately $3.4 billion. The company employs approximately 5,000 people throughout the world, and operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals. 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 2011 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