FMC Corp (NYSE:FMC) announced the sale of its Alkali Chemicals unit to Tronox Limited (NYSE:TROX). The sale has received approval under the “Hart-Scott-Rodino Antitrust Improvement Act”. The transaction is expected to close on April 1, 2015. The deal between FMC and Tronox is valued at $1.64 billion.
The Alkali Chemicals segment is one the largest producer of natural soda ash in the world. It processing and mining facilities are based in Green River, Wyo. The products of Alkali Chemicals unit are utilized in several segments including water treatment, pulp and paper, food, textiles, pharmaceuticals, cosmetics and glass manufacturing.
FMC Corp (NYSE:FMC) is a leading diversified chemical firm that provides its offerings in industrial, consumer and agricultural markets across the globe. It has been in the industry for more than a century. It provides applications, quality products, and innovative solutions. The company had reported annual sales of over $4.0 billion in FY2014. It employs over 5,000 people across world. It offers its services under three heads, FMC Lithium, FMC Health and Nutrition and FMC Agricultural Solutions.
Tronox, the buyer of FMC’s Alkali Chemicals unit, is a global company in the marketing and production of mineral sands, electrolyte products, and titanium dioxide pigment. Its mineral sands and pigment business provides clients with an adequate supply of innovative solutions for a variety of end users.
In other news, FMC Corp announced increased dividend for its shareholders. The Board declared a regular quarterly payout of 16.5 cents a share, which will be payable on April 16, 2015, with a record date of March 31, 2015. The dividend payout in the quarter is up by 1.5 cents per share or 10% compared to the cash distribution paid on January 15, 2015. Pierre Brondeau, the President and CEO of FMC Corp (NYSE:FMC), said that 10% increase in dividend reflects the company’s confidence in posting strong earnings growth.