U.S. Markets closed

FMC plans $500 mln IPO of lithium business on NYSE in the fall

HOLLYWOOD, Fla., Feb 26 (Reuters) - FMC Corp is planning a $500 million initial public offering of a stake in its lithium business on the New York Stock Exchange this fall, its chief financial officer said on Monday, an avenue for investors to gain exposure to the booming electric vehicle market.

U.S.-based FMC, which is primarily a pesticides maker, is planning to sell off around 15 percent of its lithium business in the IPO late in the third quarter or early fourth quarter, CFO Paul Graves said.

(Reporting by Nicole Mordant in Hollywood, Florida; Editing by Lisa Shumaker)