Diversified chemical company FMC Corp. said Tuesday it has acquired two fungicides used for disease control in a number of crops from Bayer CropScience, an arm of Bayer AG. Terms of the deal were not disclosed.
FMC, based in Philadelphia, said it bought the rights to Rovral and Sportak fungicides for agricultural use outside Europe, where Bayer retains rights.
The fungicides are registered in more than 50 countries and used mainly in tree, fruit and vegetable markets and for a range of crops; including cereals, canola and soybeans.
"This divestment is in line with our global strategy to optimize our portfolio and to build a solid foundation for profitable growth," said Sandra Peterson, CEO Bayer CropScience in a statement.
FMC CEO Pierre Brondeau added, "We continue to execute our long-term plan to grow FMC organically and through targeted acquisitions that supplement our technology portfolio and strengthen our positions in critical businesses, markets and regions."
Shares of FMC fell 19 cents to $84.21 in morning trading.