SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 6, 1995
FMC CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-2376 94-0479804
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
200 East Randolph Drive, Chicago, Illinois 60601
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(Address of principal executive offices) (Zip Code)
(312) 861-6000
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Registrant's telephone number,
including area code
PAGE 2
Item 5 Other Events
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On February 6, 1995 FMC Corporation issued the following release:
FMC ANNOUNCES AGREEMENT TO FORM SODA ASH JOINT VENTURE
WITH NIPPON SHEET GLASS AND SUMITOMO CORPORATION
PHILADELPHIA, Feb. 6, 1995 -- FMC Corporation today announced that it has
reached agreement with Nippon Sheet Glass Co., Ltd., Tokyo, and Sumitomo
Corporation, Tokyo, to sell a minority interest in its soda ash business for
$150 million. In addition, Nippon Sheet Glass Co., Ltd. and Sumitomo
Corporation will be investing in FMC Wyoming's previously announced $135 million
two-phased solution mining project. When the deal is completed, the Japanese
companies will hold a 20 percent equity interest in FMC Wyoming Corporation,
which will be composed solely of FMC's soda ash business. FMC Wyoming will
supply soda ash to the glass manufacturing operations of Nippon Sheet Glass,
with Sumitomo Corporation, the largest distributor of soda ash in Japan,
handling distribution for Nippon Sheet Glass in Japan.
FMC will retain management control of both the soda ash business and its
Green River, Wyoming, soda ash mining and manufacturing facility, and no
management personnel changes are planned. FMC also will retain 100 percent
ownership of the non-soda ash facilities and businesses located in Green River.
The joint venture is expected to be completed in the second quarter of 1995,
subject to various conditions, which include completion of due diligence,
approval by the companies' respective boards of directors and receipt of
requisite government approvals.
-more-
Page 2/FMC TO FORM SODA ASH JOINT VENTURE
The agreement with Nippon Sheet Glass and Sumitomo includes their
pro-rata participation in FMC's recently announced solution mining project,
which is based on newly developed technology. FMC Wyoming's two-phased project
will increase capacity by 700 thousand tons in 1997, raising FMC Wyoming's total
annual soda ash capacity to 3.55 million tons from 2.85 million tons. The
proprietary solution mining technology reduces soda ash manufacturing costs
30-40 percent compared with conventional manufacturing processes.
According to FMC Chairman and Chief Executive Officer Robert N. Burt:
"This venture will give FMC Wyoming greater access to the fast-growing Asian
markets, further strengthening the company's competitive position in the
worldwide soda ash industry. The agreement gives Nippon Sheet Glass and
Sumitomo Corporation an interest in a low-cost soda ash manufacturer and a
reliable source of supply." Burt also noted: "With the world's largest natural
soda ash facility, which is being expanded by 25 percent, FMC Wyoming is well
positioned and committed to serving existing and new customers."
Nippon Sheet Glass Co., Ltd., one of Japan's leading glass manufacturers,
participates in the flat glass, construction materials and automotive glass
markets. The company, which employs 3,400 people, posted annual sales of $2.5
billion in 1993.
Sumitomo Corporation is one of the world's leading integrated trading
companies, trading and distributing commodities and products worldwide to
businesses and consumers. The company, which is a major investor in global
ventures, employs 9,000 people in 43 offices in Japan and 142 offices in 86
countries.
FMC Corporation is one of the world's leading producers of chemicals and
machinery for industry, government and agriculture. The Chicago-based company
reported annual sales of $4 billion in 1994, with international sales to more
than 100 countries accounting for 48 percent of total annual revenues. FMC
employs 21,000 people in 97 manufacturing facilities and mines in 21 countries.
The company divides its businesses into five major segments: Performance
Chemicals, Industrial Chemicals, Machinery and Equipment, Defense Systems and
Precious Metals.
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Page 4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FMC CORPORATION
Registrant
Date: February 6, 1995 By: Robert L. Day
Title: Secretary