FMC Signs Exclusive Agreement for Access to New Patented Fungicide

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Feb 07, 2012, 04:30 ET

PHILADELPHIA, Feb. 7, 2012 /PRNewswire/ -- FMC Corporation (NYSE: FMC) announced today it has signed an exclusive distribution and development agreement with Consumo em Verde (CEV), Biotecnologia das Plantas, S.A. of Portugal for the unique patented fungicidal active ingredient blad, which has a new mode of action. FMC Agricultural Products Group will develop and market the fungicide in the United States and Canada as Problad Plus™ for all crop and non-crop uses.

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Problad Plus was developed over the past 10 years by researchers at the Instituto Superior de Agronomia (ISA) at Lisbon University, Portugal. The new fungicide is effective on a broad spectrum of difficult-to-control plant diseases affecting tomatoes, strawberries, grapes and nut crops. Registration for Problad Plus has been submitted to the U.S. Environmental Protection Agency with an anticipated approval as a biopesticide in early 2013.

FMC began additional testing of Problad Plus on key crops in California and Florida in 2011 and plans an extensive field trial program throughout North America for 2012. FMC plans to expand the registration to additional crops in the near future.

"Obtaining access to additional products has been a key strategic initiative for FMC's North America crop business and Problad Plus will allow us to offer a broad-spectrum fungicide with a new unique mode of action that growers can use in their disease control program," said Bob Trogele, North America area director, FMC Agricultural Products. "This will be a key integrated pest management addition to our rapidly expanding tree, fruit and vegetable crop segment portfolio and its plant-based production process makes it a great example of modern pest control that is sustainable."

"Problad Plus is new and unique technology that has demonstrated performance in field trials better than or equal to currently used industry standard traditional fungicides," said Neil DeStefano, North America director of business and product development, FMC Agricultural Products. "CEV was looking for a partner to develop and commercialize their exciting new technology and FMC was able to demonstrate this as one of our key core competencies."

Field trials have demonstrated efficacy on a broad spectrum of difficult-to-control diseases such as botrytis, powdery mildew, anthracnose as well as others.

About FMC Corporation
FMC Corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2010, FMC had annual sales of approximately $3.1 billion. The company employs approximately 5,000 people throughout the world, and operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals. For more information, visit www.FMC.com.

About Consumo em Verde
CEV was incorporated in Portugal in 2006 by three university professors. It was the first new business project to emerge from the CoHitec program, a local initiative organized by COTEC, an innovation association, and the North Carolina State University, aimed at promoting a speedy transition from ip-protected university research into hi-tech hi-growth businesses. The next round of financing was subscribed by two investment funds, an industrial company and a diversified conglomerate. In 2007, CEV invested in a pilot plant to develop the process and produce sufficient field-trial quantities and is now starting construction of an industrial plant in central Portugal due to come on stream by the end of the year.

Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2010 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

SOURCE FMC Corporation