The ratings on FMC Corp. reflect a satisfactory business profile derived from well-established positions in industrial, agricultural, and specialty chemicals businesses, and moderate financial policies. Philadelphia, Pa.-based FMC is a global and diversified chemical manufacturer with annual sales of about $2.2 billion. 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 microcrystalline cellulose, carrageenan, alginates, and lithium products. Leading market shares and low-cost production economics that result in better-than-average profit margins bolster FMC's business positions within its industrial chemicals segment. In the more specialized and niche areas, FMC generally competes on the basis of higher value-added products that benefit from favorable
