The ratings on FMC Corp. reflect an intermediate financial risk profile and a satisfactory business profile that stems from its leading positions in certain agricultural, specialty, and industrial chemicals markets. FMC is a global and diversified chemical manufacturer with trailing-12-month sales of about $2.9 billion. Its business mix varies from mature, 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, which should remain a cost advantage. In its specialty and agricultural chemicals segments, FMC generally competes in specialized and niche areas based on higher-value-added products that benefit from close collaboration with customers in product formulation
