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FMC sees income rise in fourth quarter 1999

In the fourth quarter of 1999, there was a 9% drop in sales of industrial and speciality chemicals by FMC, while income rose by 47% to US$ 53 million. Sales exceeded US$ 1 billion. Recovery in the pul…

In the fourth quarter of 1999, there was a 9% drop in sales of industrial and speciality chemicals by FMC, while income rose by 47% to US$ 53 million. Sales exceeded US$ 1 billion. Recovery in the pulp sector resulted in higher demand for hydrogen peroxide, for which average prices also rose. Earlier in 2000, Tg Soda Ash was acquired by FMC and this has increased sales of soda ash. In the first quarter of 2000, FMC said it hopes to receive approval from the US FTC for its proposed joint venture with Solutia, for phosphorus chemicals. Both sales and earnings of speciality chemicals fell, following the sales of the company“s bioproducts and process additives operations. A better than expected performance was reported by the agricultural products sector as sales of insecticides to Brazil and Asia rose, along with those of lawn care chemicals and speciality termiticides. There was a 7% increase in sales of industrial chemicals to US$ 275 million, with earnings at US$ 43 million, up 47%. Earnings of speciality chemicals were 11% lower at US$ 16 million, with a 12% decline in sales to US$ 124 million. In the fourth quarter of 1998, the company recorded a US$ 3 million loss from its agricultural products operations, and this was reversed in the fourth quarter of 1999 to earnings of US$ 3 million. There was a 15% increase in sales to US$ 134 million. For the first quarter of 2000, the company anticipates a strong performance from its industrial chemicals business.

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