FMC Corporation, a global agricultural sciences company, has reached a definitive agreement with Belgian industrial group Tessenderlo Group for a $400 million minority equity investment at $13.30 per share. Upon completion, Tessenderlo Group will own approximately 20% of FMC's outstanding shares. The transaction concludes FMC's strategic options review announced in February 2026. FMC will use the proceeds to pay down debt, reaching its approximately $1 billion debt paydown target. Recent actions include raising $1.2 billion in secured bonds, selling its India commercial business for $252 million, and securing a $200 million prepayment from a Corteva agreement. The deal is subject to regulatory approvals. BofA Securities and Goldman Sachs advised FMC, whilst Stibbe and Sullivan & Cromwell advised Tessenderlo Group.

FMC Corporation has raised $750 million through senior secured notes due 2031, issued under Regulation S and Rule 144A with guarantees. The fixed-income offering aims to strengthen the company's financial position and provide flexibility for operations, debt management and potential growth initiatives. The financing comes alongside a sharp dividend cut announced in April 2026, from $0.58 to $0.08 per share, signalling management's focus on cash preservation and balance sheet repair. FMC faces elevated leverage and weak interest coverage, making debt management the key near-term catalyst. Whilst the bond issue may ease short-term liquidity pressure, the company's investment narrative still depends on restoring profitability and cash generation in its crop protection business. Some analysts project FMC could reach $4.5 billion in revenue and $429 million in earnings.

FMC Corporation reported first-quarter 2026 sales of $758.6 million and a net loss of $281.3 million, whilst maintaining its full-year 2026 sales guidance of $3.6 billion to $3.8 billion. The company is navigating a planned mid-single-digit price decline and the removal of India sales from its portfolio. Despite the quarterly loss, management's decision to reaffirm annual guidance signals confidence in volume growth and new product launches to offset pricing pressure and the India exit. The company faces ongoing challenges from elevated leverage and weak interest coverage. The narrative projects FMC could reach $4 billion in revenue and $286.1 million in earnings by 2029, with a fair value estimate of $17.53 representing 33% upside. The stock has fallen 11.6% following the announcement.