FMC Corporation (NYSE:FMC) held its Investor Day at the corporate headquarters in Philadelphia, unveiling a new strategic growth plan, examining three-year financial goals and longer-term aspirations extending to 2033, and offering a preliminary outlook for 2024. The event also delved into cost savings targets and key drivers for sustained profitable growth.

FMC’s strategic plan revolves around three core ambitions: fortifying relationships with growers by providing them with accurate and timely guidance on suitable products and technologies, achieving superior growth and returns, and upholding leadership in safety, sustainability, and innovation.

The eight strategic imperatives encapsulate actions and specific plans aligned with each ambition.

Mark Douglas, President and CEO, expressed satisfaction with the strong turnout and emphasized the commitment to profitable growth through strategic imperatives.

These imperatives encompass strengthening relationships with growers, expanding the Plant Health business, expediting the discovery and commercialization of the R&D pipeline, and enhancing operating leverage for a leaner organization.

Executing these initiatives aims to provide valuable tools to growers while fostering growth on both the top and bottom lines for FMC.

A focal point of Investor Day was the development and commercial launch of new products. Diane Allemang, Executive Vice President and Chief Marketing Officer, highlighted new patented formulations and mixtures, including FMC’s leading diamides, as key drivers of revenue growth.

Dr. Seva Rostovstev, Vice President and Chief Technology Officer, provided insights into the R&D pipeline, featuring four new synthetic ingredients expected to generate around $2 billion in revenue by 2033.

Dr. Bénédicte Flambard, Vice President and Global Plant Health Business Director, outlined plans to grow FMC’s biologicals platform to approximately $2 billion in revenue by 2033. Ronaldo Pereira, Executive Vice President and President of Americas, discussed strengthening FMC’s role as a trusted advisor to growers in supporting new product introductions.

Thaisa Hugenneyer, Vice President of Procurement, Logistics, and Global Facilities, highlighted the importance of a resilient, agile, cost-efficient supply chain to support both existing and new products throughout the strategic plan.

Andrew Sandifer, Executive Vice President and Chief Financial Officer, provided an overview of mid-term financial goals and longer-term aspirations, along with expectations for leverage levels.

He offered a preliminary outlook for 2024, anticipating substantial cash generation driven by improved earnings and working capital release. Sandifer projected significant free cash flow and a return to more normal leverage levels over the next 18 to 24 months, targeting an average net leverage of approximately 2 times adjusted EBITDA.

For further details on FMC’s new strategic growth plan, the complete Investor Day presentation, and transcript, interested parties can access the information on the FMC investor website.

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