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 more than $3 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 and strong niche positions within microcrystalline cellulose, carrageenan, alginates, and lithium products. FMC benefits from vertical integration in soda ash and lithium, and this should continue to provide a cost advantage. FMC generally competes in the more specialized and niche areas based on higher value-added products that benefit from close collaboration with customers in
