FMC (FMC) 8-K Regulation FD Disclosure

FMC Corporation

Gabelli

& Company, Inc.

New York City

December 16, 2008

William G. Walter

Chairman, President and CEO

Exhibit 99.1

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

1

Disclaimer

Safe Harbor Statement under the

Private Securities Litigation Reform Act of 1995

These

slides

and

the

accompanying

presentation

contain

“forward-looking

statements”

that

represent

management’s

best

judgment

as

of

the

date

hereof

based

on

information

currently

available.

Actual

results

of

the

Company

may

differ

materially

from

those

contained

in

the

forward-looking

statements. 

Additional

information

concerning

factors

that

may

cause

results

to

differ

materially

from

those

in

the

forward-looking

statements

is

contained

in

the

Company’s

periodic

reports

filed

under

the

Securities

Exchange

Act

of

1934,

as

amended.

The

Company

undertakes

no

obligation

to

update

or

revise

these

forward-

looking

statements

to

reflect

new

events

or

uncertainties.

Non-GAAP Financial Terms

These

slides

contain

certain

“non-GAAP

financial

terms”

which

are

defined

in

the

appendix.

In

addition,

we

have

provided

reconciliations

of

non-GAAP

terms

to

the

closest

GAAP

term

in

the

appendix.

2

FMC Corporation

LTM ending September 30, 2008 ($ millions)

FMC CORPORATION

Revenue:             $3,052

EBITDA:                   $636

Margin*:                 20.8%

INDUSTRIAL

CHEMICALS

Revenue:

$1,273

EBITDA:

$246

Margin*:

19.3%

AGRICULTURAL

PRODUCTS

Revenue:         

$1,047

EBITDA:

$262

Margin*:

25.0%

SPECIALTY

CHEMICALS

Revenue:

$735

EBITDA:

$184

Margin*:

25.1%

*

EBITDA margin

Leading Market Positions

Greater than 80% of Sales in Non-GDP Cyclical Markets

Diversified and Integrated Cost Structure

Limited Dependence on Petrochemical Feedstocks

3

Leading Market Positions

(1)

Based on 2007 consolidated sales

(2)

Shared

(3)

Includes ISP and Co-Living acquisitions closed in 2008

Industrial

Chemicals

#1 in N.A.

Soda Ash

#1 in N.A.

(2)

Peroxygens

#1 Globally

Carrageenan

#1 Globally

Carbofuran

#2 in N.A.

Pyrethroids

Agricultural

Products

#1Globally

(3)

Alginates

Specialty

Chemicals

#1 Globally

(2)

#1 Globally

Lithium Specialties

Microcrystalline Cellulose

Product Group

Position

(1)

4

Diversified Customers and End Markets

Greater than 80% of sales to non-GDP cyclical end markets

No single customer represents more than 5% of sales

Top 10 customers represent approximately 15% of sales

2007 Consolidated Sales

Agricultural 34%

Detergents 9%

Pharmaceuticals 11%

Food 8%

Other 12%

Glass/Fiberglass 4%

Chemicals 6%

Pulp & Paper 4%

Electronics 2%

Other 3%     

Bottle

Glass 3%

Non-GDP

Cyclical

81%

GDP-

Cyclical

19%

Chemicals 4%

5

Diversified and Integrated Cost Structure

Low cost sourcing of raw materials

•

Backward integration: soda ash, lithium

•

Global sourcing of renewable resources: hardwood pulp, seaweed

Low reliance on purchased raw materials

•

Total raw materials represented 28% of cost of sales in 2007

•

No single raw material accounted for more than 8% of total raw material

purchases in 2007

•

Reduced volatility from limited use of petrochemical feedstocks

Low energy demand requirements

•

Energy represented approximately 13% of cost of sales in 2007

•

Balanced sourcing from natural gas, electricity, coal and fuel oil

6

Realizing the inherent operating leverage within FMC

•

Sustaining

earnings

growth

>

10%

per

year

(1)

•

Realizing pricing and volume leverage in Industrial Chemicals

•

Continuing growth in Specialty Chemicals and Agricultural Products

Maintaining financial strength and flexibility

•

Investing in higher growth businesses

•

Pursuing external growth opportunities

•

Returning

cash

to

shareholders

–

dividend

and

share

repurchase

Focusing the portfolio on higher growth businesses

•

Managing Specialty Chemicals and Agricultural Products for growth

•

Managing Industrial Chemicals for cash

Disciplined Approach to Unlocking Value

(1)

Earnings before restructuring and other income and charges

7

Agricultural Products

Strong niche positions in the Americas, Europe and Asia

Proprietary, branded insecticides and herbicides

Strategic Focus:

•

Selected products, crops and regions

•

Shifting to significantly shorter innovation cycle

•

Reducing global supply chain and overhead costs

Based on 2007 Consolidated Sales of $889.7 million

Insecticides

57%

Herbicides

41%

Fungicides

2%

North

America

22%

Asia

Pacific

15%

EMEA

17%

Latin

America

46%

8

Agricultural Products

2008 segment earnings up nearly 20 percent driven by sales growth

and further supply chain productivity improvements, partially offset by

higher raw material costs

9

Specialty Chemicals

BioPolymers

-

structure, texture and stability to food; binders and

disintegrants

for dry tablet drugs

Lithium focus on specialties –

pharmaceuticals, energy storage

Strategic Focus:

•

Growing core market segments

•

Commercializing new technology platforms

•

Pursuing financially attractive bolt-on acquisitions

Based on 2007 Consolidated Sales of $659.5 million

Latin

America

7%

Asia

Pacific

21%

EMEA

36%

North

America

36%

Lithium

32%

BioPolymer

68%

10

Specialty Chemicals

2008 segment earnings growth in the high-single digits driven by strong

commercial performance in BioPolymer, partially offset by higher raw

material and energy costs and higher export taxes in Argentina

11

Industrial Chemicals

#1 North American manufacturer of soda ash and peroxygens

Low cost, proprietary production technologies

Strategic Focus:

•

Managing for cash generation

•

Continued top line growth driven primarily by higher selling prices

•

Aggressive cost management

Asia

7%

Based on 2007 Consolidated Sales of $1,087.1 million

Alkali

(Soda Ash)

52%

Peroxygens

16%

Foret

32%

North

America

48%

Latin

America

11%

EMEA

34%

Asia Pacific

7%

12

Current Global Soda Ash Market Conditions

Global

demand

growth

slowing

–

particularly

flat

glass

However, U.S. supply/demand remains very tight

Step-change increase in synthetic production costs vs.

historical levels

Significant Chinese production curtailments coupled

with new capacity deferrals and cancellations

Chinese domestic and export contract pricing moving

toward their cash costs -

creating a contract price floor

in Asia at attractive margins for U.S. producers

U.S. remains lowest cost supplier to global market

13

Asian Soda Ash –

Delivered Cash Cost Comparison

230-250

155-165

245-265

155-165

North Asia

South Asia

14

Industrial Chemicals

2008 segment earnings more than double as aggregate price and

volume benefits more than offset higher raw material costs

15

FMC in Summary

Great businesses, each with EBITDA  >$180 million

Sustained

double-digit

earnings

growth

(1)

•

Diverse end-markets, low correlation to economic cycles

•

Aggregate pricing and volume leverage in Industrial Chemicals

•

Continued growth in Specialty Chemicals and Ag Products

Strategic and financial flexibility

•

Robust and growing EBITDA

•

Balance sheet de-leveraged

•

Low capex

requirements

Disciplined approach to unlocking value

(1)

Earnings before restructuring and other income and charges

FMC Corporation

Glossary of Financial Terms

&

Reconciliations of GAAP to Non-GAAP

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

*

17

Non-GAAP Financial Terms

These

slides

contain

certain

“non-GAAP

financial

terms”

which

are

defined

below.

In

addition,

we

have

provided

reconciliations

of

non-GAAP

terms

to

the

closest

GAAP

term

in

the

appendix

of

this

presentation.

EBITDA

(Earnings

Before

Interest,

Taxes,

Depreciation

and

Amortization)

is

the

sum

of

Income

(loss)

from

continuing

operations

before

income

taxes

and

Depreciation

and

Amortization.

EBITDA

Margin

is

the

quotient

of

EBITDA

(defined

above)

divided

by

Revenue.

ROIC

(Return

on

Invested

Capital)

is

the

sum

of

Earnings

from

continuing

operations

before

restructuring

and

other

income

and

charges

and

after-tax

Interest

expense

divided

by

the

sum

of

Short-term

debt,

Current

portion

of

long-term

debt,

Long-term

debt

and

Total

shareholders’

equity.

18

Segment Financial Terms

These

slides

contain

references

to

segment

financial

items

which

are

presented

in

detail

in

Note

20

of

FMC’s

third

quarter

2008

Form

10-Q. 

Some

of

the

segment

financial

terms

are

“non-GAAP

financial

terms”

and

are

defined

below.

In

addition,

we

have

provided

reconciliations

of

non-GAAP

terms

to

the

closest

GAAP

term

in

the

appendix

of

this

presentation. 

EBITDA

(Earnings

Before

Interest,

Taxes,

Depreciation

and

Amortization)

for

a

segment

is

the

sum

of

Income

(loss)

from

continuing

operations

before

income

taxes

for

that

segment

and

Depreciation

and

Amortization

for

that

segment.

EBITDA

Margin

for

a

segment

is

the

quotient

of

EBITDA

(defined

above)

divided

by

Revenue

for

that

segment.

19

Reconciliation

of

LTM

9/30/2008

consolidated

income

from

continuing

operations

before

income

taxes

(a

GAAP

measure)

to

LTM

9/30/2008

EBITDA

(a

Non-GAAP

measure)

EBITDA Reconciliation: LTM 9/30/2008

(Unaudited, in $ millions)

LTM 9/30/2008

Income (loss) from continuing operations before

income taxes

$434.5

In-process research and development

1.0

Restructuring and other charges/(income), net  

40.9

Interest expense, net

32.4

Depreciation and amortization

127.3

EBITDA (Non-GAAP)

$636.1

20

Reconciliation

of

LTM

9/30/2008

segment

operating

profit

(a

GAAP

measure)

to

LTM

9/30/2008

EBITDA

(a

Non-GAAP

measure)

(Unaudited, in millions)

Segment

EBITDA

Reconciliation:

LTM

9/30/2008

Segment

Industrial

Specialty

Agricultural

Chemicals

Chemicals

Products

LTM 9/30/2008 segment operating profit

(GAAP)

$176.9

$151.0

$243.4

Add:

Depreciation and Amortization

69.3

33.2

18.5

LTM 9/30/2008 EBITDA (Non-GAAP)

$246.2

$184.2

$261.9

FMC Corporation

*************************************

*

*

*

*

*

*

*