FMC buys unit of International Specialty Products
Tuesday May 20, 8:45 am ET
FMC acquires ingredients unit of International Specialty Products
PHILADELPHIA (AP) -- Chemical maker FMC Corp. on Tuesday agreed to buy a unit of International Specialty Products.
Financial terms were not disclosed.
FMC will acquire International Specialty Products alginates and food blends business. That includes a manufacturing plant in Scotland and employees at the plant. The ISP business had revenues of about $80 million last year.
Alginates are extracted from seaweed and used in a wide range of food, pharmaceutical and specialty applications.
The business will be integrated into FMC specialty chemicals group's biopolymer division.
The company said the deal will strengthen its ability to source raw materials.
Source: Associated Press
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