FMC COMPLETES DEAL TO ACQUIRE CIBA-GEIGY FLAME RETARDANTS, FLUIDS, WATER TREATMENT BUSINESS
FMC COMPLETES DEAL TO ACQUIRE CIBA-GEIGY
FLAME RETARDANTS, FLUIDS, WATER TREATMENT BUSINESS
CHICAGO, Feb. 28 /PRNewswire/ -- FMC Corp. (NYSE: FMC) today completed its previously announced transaction to acquire the worldwide flame retardants and fluids, and water treatment chemicals businesses of Ciba-Geigy's Additives Division. Terms of the transaction were not disclosed; however, FMC noted that 1991 sales of the acquired businesses were about $150 million.
FMC said it would operate the businesses, primarily located at Trafford Park, Manchester, England, as the Process Additives Division of its Chemical Products Group. FMC will continue to operate the Trafford Park facility and plans no major personnel changes. FMC and Ciba-Geigy will work together to ensure a smooth transition for customers of the businesses, with Ciba-Geigy's current organization providing distribution on an interim basis.
According to Robert N. Burt, FMC chairman, president and chief executive officer: "This acquisition complements our existing line of phosphate esters and opens new markets for FMC in water treatment. More important, the acquisition furthers our strategy to focus on international markets and positions us for faster growth, particularly in Europe and the Asia/Pacific region."
William F. Beck, who from Brussels heads FMC's European businesses and also is manager of the company's Chemical Products Group, noted that the strong position of these businesses in Europe would be a major benefit for FMC in its efforts to increase its markets throughout the region.
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 $3.9 billion in 1991, with international sales to more than 100 countries accounting for 43 percent of total annual revenues. FMC employs 23,000 people at 95 manufacturing facilities and mines in 18 countries. The company divides its businesses into five major segments: Industrial Chemicals, Performance Chemicals, Precious Metals, Defense Systems, and Machinery and Equipment.
/CONTACT: Pat Brozowski, 312-861-6104, or Chuck Thomas, 312-861-6678, both of FMC/
(FMC) CO: FMC Corp.; Ciba-Geigy ST: Illinois IN: CHM SU: TNM SH -- NY022 -- 3649 02/28/92 10:28 EST