FMC Corporation Signs Agreement to Acquire Pectine Italia
Marks FMC's Entry into Pectin Market
PHILADELPHIA, Aug. 1, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today the company has entered into a definitive agreement to acquire the business assets of Pectine Italia S.p.A., a leading Italian-based manufacturer of pectin for the food ingredients market. The acquisition marks FMC's entry into the pectin market, expanding the company's industry-leading portfolio of hydrocolloid texturants and stabilizers.
"This acquisition continues our strategic expansion into the high-growth, natural-based food ingredients market," said Michael Wilson, president, FMC Specialty Chemicals. "With our recent acquisitions of two natural food colors businesses, our entry into pectin underscores our commitment to broaden FMC's portfolio of innovative food ingredients. It also represents another important step in our Vision 2015 growth journey."
Pectine Italia produces pectin, a well known stabilizer and thickening agent used widely in many foods and derived predominately from lemon peels. The company has production facilities in Milazzo, on the island of Sicily. The acquisition provides FMC with high quality pectin manufacturing capabilities, strategically located near important raw materials sources. The business will become a part of FMC BioPolymer, a business unit of FMC Corporation.
"Pectin has a very positive consumer image and unique functionality that has helped it grow globally in recent years," said Mike Smith, division manager, FMC BioPolymer. "It is particularly well suited for low-pH applications and our technical teams already work regularly with pectin. FMC BioPolymer's global resources, technical service and more than 65 years of product development, coupled with Pectine Italia's pectin processing knowledge, will allow us to grow a new platform as an industry-leading pectin supplier."
Terms of the transaction, which is expected to close in the third quarter, were not disclosed.
FMC BioPolymer is one of the world's leading providers of naturally-derived alginate, carrageenan, Avicel® microcrystalline cellulose and natural colors serving the worldwide food, pharmaceutical, personal care and specialty markets.
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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