FMC (FMC) Jefferies Global Industrials Conference 2026 summary

Market and industry outlook

• Demand and supply in crop protection chemicals remain stable, with cautious inventory management and purchasing close to utilization time continuing into 2026 and early 2027.

• No significant price increases are observed, except for some non-selective herbicides, with overall pricing trends stable.

• The industry is experiencing cautious behavior, with no major shifts in market dynamics expected in the near term.

Strategic investments and deleveraging

• Tessenderlo's investment was driven by belief in the long-term strategy, willingness to hold a 20% stake, and a three-year lockup, with no operational cooperation expected.

• The investment supports deleveraging, with $1 billion proceeds used to pay down debt and a focus on stabilizing earnings from 2026 onward.

• Tessenderlo's support centers on the Rynaxypyr strategy, manufacturing footprint changes, and new product growth.

Product pipeline and manufacturing

• New manufacturing footprint is on track to be completed by Q1 2027, with full benefits expected in the second half of 2027.

• Three key molecules—Dodhylex, Isoflex, and fluindapyr—are expected to drive growth, with major regulatory milestones and registrations anticipated in 2027 and 2028.

• Core business is expected to return to growth immediately upon product line reset and repricing in late 2027.