FMC to record special income and expense items.CHICAGO--(BUSINESS WIRE)--Sept. 1, 1995--FMC Corp. today announced that it will record special income and expense items in the third quarter 1995. In total, these items will not have a significant impact on third quarter results. During the quarter, as part of its on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" assessment of sites with known environmental issues, the company will increase its environmental reserves by approximately $50 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. . Because spending is expected to extend over a long period of time, the annual impact on cash flows will not be material. Meanwhile, FMC See fixed mobile convergence. continues to be successful in recovering environmental clean-up costs from its comprehensive general liability insurance carriers and other responsible parties. In addition, FMC also expects to take reserves in the quarter covering the shift in lithium-based production expected in 1997 as the company starts up its new, low-cost, high-quality mineral resource in Argentina. FMC also will write off the value assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to in-process research and development activity at its recently acquired Moorco International businesses. In total, these charges will be approximately $45 million after-tax. As previously announced, early in the third quarter FMC completed the sale of 20 percent of its soda ash soda ash: see sodium carbonate. business to Sumitomo Corp. and Nippon Sheet Glass Co., Ltd., for an after-tax gain of $100 million. FMC Corp. is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $4 billion in 1994, with international sales to more than 100 countries accounting for 49 percent of total annual revenues. FMC employs 21,000 people in 97 manufacturing facilities and mines in 21 countries. The company divides its businesses into five major segments: Performance Chemicals, Industrial Chemicals, Machinery and Equipment, Defense Systems and Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . CONTACT: FMC Corp. Pat Brozowski (media), 312-861-6104 Lisa Azzarello (investor relations Investor relations The process by which the corporation communicates with its investors. ), 312-861-6921 |
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