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Ten-year agreement significantly expands market reach of FMC's leading diamide-class molecule
PHILADELPHIA, March 1, 2021 /PRNewswire/ --
FMC Corporation (NYSE: FMC), a leading global agricultural sciences company, today announced that it has entered into a strategic collaboration with UPL Ltd., a global provider of sustainable agriculture products and solutions, to expand access of Rynaxypyr® active to growers around the world and increase the manufacturing capacity for this critical molecule.
Under the multi-year agreement, FMC will provide UPL access to products containing Rynaxypyr® active for distribution in select markets. In the future, FMC will supply Rynaxypyr® active to UPL for use in product formulations developed and marketed by UPL around the world.
Additionally, UPL will toll manufacture Rynaxypyr® active for FMC in India for the India market. This arrangement will significantly increase FMC's manufacturing footprint and capacity for Rynaxypyr® active, expanding FMC's ability to supply the growing demand.
"We are pleased to engage in this strategic relationship with UPL, adding a new global partner to our diamide growth strategy," said Mark Douglas, FMC president and chief executive officer. "This is an important collaboration for FMC to expand our leading diamide technology in diverse geographies and crops with differentiated formulations. FMC has continued to grow the diamides significantly since acquiring them in late 2017, including achieving double-digit year-on-year growth again in 2020. We forecast the diamide franchise will continue to grow above market rates, and our strategic partners are an important component in that growth."
"We are very excited to work with FMC on this mutually beneficial agreement. The collaboration clearly demonstrates our commitment to our OpenAg™ Purpose to create an agriculture network that feeds sustainable growth for all," said Jai Shroff, Global CEO of UPL.
FMC has commercial agreements with dozens of crop protection companies to supply its leading Rynaxypyr® and Cyazypyr® active ingredient brands. These companies are developing and selling diamide-based products to meet growers' needs, offering them better alternatives to competing insecticides that have less attractive product safety or efficacy profiles compared to Rynaxypyr® and Cyazypyr® active ingredients.
Additional terms of the agreement were not disclosed.
FMC Corporation, an agricultural sciences company, provides innovative solutions to growers around the world with a robust product portfolio fueled by a market-driven discovery and development pipeline in crop protection, plant health, and professional pest and turf management. This powerful combination of advanced technologies includes leading insect control products based on Rynaxypyr® and Cyazypyr® active ingredients; Authority®, Boral®, Centium®, Command® and Gamit® branded herbicides; Talstar® and Hero® branded insecticides; and flutriafol-based fungicides. The FMC portfolio also includes biologicals such as Quartzo® and Presence® bionematicides. FMC Corporation employs approximately 6,400 employees around the globe. To learn more, please visit www.fmc.com.
FMC, the FMC logo, Rynaxypyr, Cyazypyr, Authority, Boral, Centium, Command, Gamit, Talstar, Hero, Quartzo and Presence are trademarks of FMC Corporation or an affiliate. OpenAg is a trademark of UPL Ltd. Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. Hero® insecticide is a restricted use pesticide in the United States.
The Company's investor relations website, located at https://investors.fmc.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with the federal securities laws. After April 27, 2021, this type of information will no longer be regularly provided by press release but will continue to be posted on the investor relations website.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within FMC's 2020 Form 10-K filed with the SEC as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
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SOURCE FMC Corporation