The ratings for FMC Corp. reflect an average business profile derived from leading positions in industrial, agricultural, and specialty chemicals businesses, and moderate financial policies that support credit quality. With about $1.9 billion in annual sales, FMC is a global and well-diversified chemical operator. The business mix varies from mature and slower-growth commodity product lines, such as phosphates, soda ash, and hydrogen peroxide, to higher-value-added agrochemicals and strong niche positions within hydrocolloids, microcrystalline cellulose, and lithium products. FMC's business positions within its industrial chemicals segment tend to be bolstered by leading market shares and low-cost production economics that result in better-than-average profit margins. In the more specialized and niche areas, FMC generally competes on the basis of higher-value-added products that
