FMC BioPolymer Announces Price Increase
PHILADELPHIA, October 14, 2008 – FMC BioPolymer today announced a minimum 15 percent price increase for all products, effective November 1, 2008, as contracts allow. The increase affects microcrystalline cellulose, carrageenan, alginates and PGA product lines across food/specialty, pharmaceutical and personal care markets. Surcharges implemented on carrageenan products earlier this year will remain in effect. FMC BioPolymer is a division of FMC Corporation (NYSE: FMC).
Higher costs for strategic raw materials, processing chemicals and transportation, combined with the supply and demand dynamics, continue to be major factors contributing to the price increases.
“FMC BioPolymer continues to dedicate significant resources to identify and implement productivity improvements to mitigate the impact of rising cost,” said Jerry Whelan, global director of sales & marketing. “This price increase will only offset a portion of the increases that our cost savings programs do not capture.”
Carrageenan, microcrystalline cellulose and alginate are highly functional ingredients that are widely used throughout the world in food and beverage, pharmaceutical and personal care products.
All FMC plants are ISO 9002 certified, demonstrating the company’s commitment to providing an assured supply of the highest quality products and delivering innovative and cost effective solutions to formulators’ problems.
FMC Corporation, a diversified chemical company, has served global agricultural, industrial and consumer markets for more than a century, by providing innovative solutions, applications and quality products. The company employs approximately 5,000 people throughout the world. The company operates its businesses in three segments: Agricultural Products, Specialty Chemicals and Industrial Chemicals.
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 2007 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.
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