The rating on FMC Corp. reflects a satisfactory business profile derived from moderate financial policies and leading positions in certain agricultural, specialty, and industrial chemicals markets. Philadelphia-based FMC is a global and diversified chemical manufacturer with annual sales of $2.6 billion. The business mix varies from mature and slower-growth commodity product lines, such as soda ash, peroxygens, and phosphates, to higher value-added agrochemicals to 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. FMC generally competes in the more specialized and niche areas on the basis of higher value-added products that benefit from favorable industry characteristics,
