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FMC details costs of exiting Spain facility
By: The Associated Press | 02 Jul 2009 | 04:46 PM ET
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PHILADELPHIA - Chemicals maker FMC Corp. said in a regulatory filing that its decision to phase out operations of its Barcelona, Spain, facility by March 2010 will result in pretax charges of roughly $32 million to $36 million over the next four quarters.

The company said that on June 23 it made the decision, and it announced the decision to the facility employees on Wednesday, the same day as the filing with the Securities and Exchange Commission was made.

The facility is part of Foret, which is included in FMC's industrial chemicals segment.

It said high costs at the Barcelona facility coupled with reduced demand for product manufactured at that site have made it uneconomical for FMC to continue operations there.

FMC shares fell $1.76, or 3.8 percent, to close at $44.87 Thursday.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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