FMC buys agrichemicals business Cheminova for $1.8 bn

US-based FMC Corporation announced Monday it is buying Denmark's multinational insecticide and pesticide maker Cheminova for $1.8 billion in an all-cash transaction.

The seller is Auriga Industries A/S and the purchase is due to be finalized in early 2015.

"Cheminova is a company that we have long considered to be an attractive potential partner," FMC Corporation president, chief executive and chairman Pierre Brondeau said in a statement.

"It follows a similar strategic approach to FMC in applying technology to deliver solutions to its customers, and has a highly complementary product portfolio and geographic footprint."

Brondeau said the transaction would also boost FMC's positions in certain crops and boost access to others, such as cereals, increasing cotton, soybean and sugarcane offerings to customers.

In order to solidify its balance sheet, FMC also expects to complete a sale of Alkali Chemicals by mid-next year.