Global and well-diversified chemical operations with leading positions in a range of products across diverse agricultural, specialty, and industrial chemicals businesses; Some vertical integration, resulting in a favorable cost position; Lower-than-average dependence on petrochemical feedstocks and energy; and Moderate financial policies. Some earnings volatility due to cyclical end markets such as construction, agriculture, and pulp and paper; Meaningful environmental liabilities for continuing and discontinued operations; and Acquisition potential. The ratings on FMC Corp. reflect a satisfactory business profile derived from leading positions in certain agricultural, specialty, and industrial chemicals markets, and moderate financial policies. Philadelphia, Pa.-based FMC is a global and diversified chemical manufacturer with annual sales of about $2.4 billion. The business mix varies from mature and slower-growth commodity
