Philadelphia, Pennsylvania, USA
March 1, 2021
FMC Corporation (NYSE: FMC), a leading global agricultural sciences company, today announced that it has entered into a strategic collaboration with UPL Ltd., a global provider of sustainable agriculture products and solutions, to expand access of Rynaxypyr® active to growers around the world and increase the manufacturing capacity for this critical molecule.
Under the multi-year agreement, FMC will provide UPL access to products containing Rynaxypyr® active for distribution in select markets. In the future, FMC will supply Rynaxypyr® active to UPL for use in product formulations developed and marketed by UPL around the world.
Additionally, UPL will toll manufacture Rynaxypyr® active for FMC in India for the India market. This arrangement will significantly increase FMC's manufacturing footprint and capacity for Rynaxypyr® active, expanding FMC's ability to supply the growing demand.
"We are pleased to engage in this strategic relationship with UPL, adding a new global partner to our diamide growth strategy," said Mark Douglas, FMC president and chief executive officer. "This is an important collaboration for FMC to expand our leading diamide technology in diverse geographies and crops with differentiated formulations. FMC has continued to grow the diamides significantly since acquiring them in late 2017, including achieving double-digit year-on-year growth again in 2020. We forecast the diamide franchise will continue to grow above market rates, and our strategic partners are an important component in that growth."
"We are very excited to work with FMC on this mutually beneficial agreement. The collaboration clearly demonstrates our commitment to our OpenAg™ Purpose to create an agriculture network that feeds sustainable growth for all," said Jai Shroff, Global CEO of UPL.
FMC has commercial agreements with dozens of crop protection companies to supply its leading Rynaxypyr® and Cyazypyr® active ingredient brands. These companies are developing and selling diamide-based products to meet growers' needs, offering them better alternatives to competing insecticides that have less attractive product safety or efficacy profiles compared to Rynaxypyr® and Cyazypyr® active ingredients.
Additional terms of the agreement were not disclosed.
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