FMC Corporation is moving forward with plans to spin off its lithium materials business as Livent Corp. (pronounced lye-vent) following the previously announced plan to separate FMC Lithium into a publicly traded company.
The company filed a registration statement with securities regulators according to Philly.com.
The bulk of the company’s sales are in the crop protection, an area that received a big boost with the purchase of DowDuPont product lines. The transaction included a portion of DuPont’s Stine-Haskell research center in Newark, with DowDuPont getting an FMC pill coatings plant in the college town.
The mining business is subject to ups and downs, especially with a mineral like lithium.
Livent Corporation is one of only a small number of companies in the lithium space.
Demand could skyrocket for the mineral, which is used in batteries for cars and other equipment. The company’s holdings include a mine in Argentina, known as Salar del hombre muerto (translation – salt of the dead man). The mine is located at an arid 13,000-square-foot location in the Andes.
“FMC has been a leading producer of lithium compounds for more than 40 years,” said Paul Graves, CEO, Livent Corporation. “As an independent company, Livent will build on our strengths as a fully integrated, lithium technology leader with a broad portfolio of products for electric vehicles and other energy storage applications, polymers and synthesis, lithium alloys, high-performance lubricants and other specialty uses.”
“Today’s announcement marks another major step in our progress to create two stand-alone leading public companies,” said Pierre Brondeau, FMC Corporation CEO. “As an independent company, Livent will have the freedom and ability to chart its own course and business strategy. Its leadership and employees will have the flexibility to experiment, thrive and pursue its growth plans with a great new brand. And we are equally excited about FMC’s future as one of the largest agricultural technology companies focused on bringing advanced innovation and sustainable solutions to farmers around the world.”
Brondeau is expected to serve as chairman of the board of Livent following the separation and will continue to lead FMC Corporation as CEO and chairman.
The new company and FMC will be headquartered in Philadelphia.
