FMC CORP (FMC): restructuring charge — FMC updates Project Focus restructuring costs: $180-215M pre-tax charges, 8% workforce cut

FMC CORP

Total pre-tax charges estimated $180-215M; severance $85-100M, asset write-offs $80-90M.
Global workforce reduction of ~8%; includes voluntary separation and involuntary cuts in Brazil.
Targeted annual run-rate savings $150M+ by end 2025; $50-75M adjusted EBITDA contribution in 2024.
Possible sale of non-crop Global Specialty Solutions business; $1.4B tax incentives from Swiss subsidiaries.
Additional charges possible: inventory liquidation, relocation, contract termination.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

FMC CORP announced a restructuring with charges of Pre-tax restructuring charges in the range of approximately $180 to $215 million in connection with Project Focus affecting Global (Global workforce reduction of approximately 8%).

Type: restructuring
Charge: Pre-tax restructuring charges in the range of approximately $180 to $215 million in connection with Project Focus
Affected area: Global
Headcount: Global workforce reduction of approximately 8%

Exact text from the filing

The Company expects to incur pre-tax restructuring charges in the range of approximately $180 to $215 million, which is subject to future changes, in connection with Project Focus.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FMC CORP announced a restructuring with charges of Consulting and other professional service fees totaling approximately $5 to $15 million affecting Global (Global workforce reduction of approximately 8%).

Type: restructuring
Charge: Consulting and other professional service fees totaling approximately $5 to $15 million
Affected area: Global
Headcount: Global workforce reduction of approximately 8%

Exact text from the filing

The Company expects to incur consulting and other professional service fees totaling approximately $5 to $15 million to help execute these actions as well as for the design and implementation of the future structures and processes.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.85

FMC CORP announced a restructuring with charges of Asset write-off charges in the range of $80 to $90 million primarily related to possible relocation of manufacturing and other operations affecting Global (Global workforce reduction of approximately 8%).

Type: restructuring
Charge: Asset write-off charges in the range of $80 to $90 million primarily related to possible relocation of manufacturing and other operations
Affected area: Global
Headcount: Global workforce reduction of approximately 8%

Exact text from the filing

We expect asset write-off charges in the range of $80 to $90 million in connection with Project Focus activities primarily related to the possible relocation of certain manufacturing and other operations.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

FMC CORP announced a restructuring with charges of Total severance charges and related benefit costs estimated in the range of $85 to $100 million affecting Global (including voluntary separation program in select jurisdictions and workforce reduction in Brazil) (Global workforce reduction of approximately 8%).

Type: restructuring
Charge: Total severance charges and related benefit costs estimated in the range of $85 to $100 million
Affected area: Global (including voluntary separation program in select jurisdictions and workforce reduction in Brazil)
Headcount: Global workforce reduction of approximately 8%

Exact text from the filing

The Company estimates total severance charges and related benefit costs for actions associated with Project Focus to be in the range of $85 to $100 million.

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

FMC CORP filing history →

Source: SEC EDGAR

accession 0000037785-24-000032

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