FMC Corporation Acquires Phytone, Ltd., a Leading European Natural Colors Business
PHILADELPHIA, June 13, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today the acquisition of Phytone Ltd., a leading natural colors producer based in the United Kingdom. Phytone's natural products and formulations are used by global customers in the food, beverage, personal care and nutrition sectors.
"This acquisition underscores our commitment to grow FMC's new natural colors portfolio, and represents another important step in our Vision 2015 growth strategy," said Pierre Brondeau, president, CEO and chairman, FMC Corporation. "We expect the high-growth, natural colors market to reach well over $1 billion by 2015. The addition of Phytone's unique color technology, coupled with our acquisition last year of Chilean-based South Pole Biogroup, greatly strengthens our position in this exciting market."
There is a growing demand from consumers that favor natural ingredients from renewable and sustainable sources, according to Mike Smith, division manager, FMC BioPolymer. Consumer product goods companies are seeking reliable sources of natural ingredients with consistent functionality, including natural colors, to meet their product development needs.
"Phytone further expands FMC's natural colors capabilities and augments FMC BioPolymer's industry leading, naturally sourced specialty ingredients that are used across food, pharmaceutical and personal care markets for texture, binding, stabilization and appearance," said Smith.
"We're excited to welcome Phytone to FMC," said Smith. "The company brings more than 20 years of leadership and deep experience in the natural colors and nutraceuticals industry, and will extend FMC's natural color formulation and processing capabilities. Furthermore, Phytone is ideally situated in the United Kingdom, which will enhance our service to European color customers."
Phytone's manufacturing, development labs and headquarters office are located in Staffordshire, U.K. Terms of the transaction were not disclosed.
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.
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