PHILADELPHIA, Sept. 21, 2017 /PRNewswire/ -- FMC Corporation (NYSE: FMC) today announced that it has received approval from the Competition Commission of India (CCI) for the proposed acquisition of a significant portion of DuPont's Crop Protection business. The CCI is the final jurisdiction to grant antitrust clearance needed to satisfy regulatory conditions for closing.
"FMC is pleased to have received CCI's approval," said Pierre Brondeau, FMC president, CEO and chairman. "We are on track to close our transactions with DuPont on November 1, 2017."
FMC announced on March 31, 2017 the signing of a definitive agreement for FMC to acquire a portion of DuPont's Crop Protection business that it must divest to comply with the European Commission ruling related to its merger with The Dow Chemical Company. FMC will acquire DuPont's global chewing pest insecticide portfolio, its global cereal broadleaf herbicides, and substantially all of DuPont's global crop protection R&D capabilities. Additionally, DuPont will acquire FMC's Health and Nutrition segment and receive $1.2 billion in cash.
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.
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.
SOURCE FMC Corporation