FMC initiated a global restructuring plan called "Project Focus" to right-size its cost base and optimize its footprint. The plan is expected to be fully executed by the end of 2025.

FMC signed a definitive agreement to sell its Global Specialty Solutions (GSS) business to Environmental Science US, LLC for $350 million, subject to closing working capital adjustment.

FMC updated its full-year 2024 revenue outlook to $4.30-$4.50 billion, down approximately 2% at the midpoint versus 2023. This reflects lower first-half sales and a delayed market recovery, though growth in new products is still anticipated.

Selling, general, and administrative expenses decreased by approximately 20% YoY, primarily due to cost reduction measures implemented in connection with Project Focus.

Research and development expenses decreased by 13% YoY due to cost reduction measures. However, management stated that reductions were done without sacrificing investments in areas such as Plant Health and the new active ingredient pipeline.

Charges incurred related to Project Focus include severance and employee separation costs, including costs associated with the previously announced CEO transition.

The company initiated Project Focus in response to the unprecedented downturn in the global crop protection market during 2023.

The decrease in sales volume was the result of continued channel destocking in all regions during the first quarter.

Pricing pressure due to competition in the market as well as one-time customer incentives offered to address high cost inventory in the channel.

The increase in volumes was partially offset by a 10 percent decrease due to unfavorable pricing actions and foreign currency headwinds.

New product sales also grew during the period due to strong performance of new diamide insecticide formulations and fluindapyr based fungicides.

Sales in North America and Latin America increased, while sales in Europe, Middle East and Africa and Asia decreased.

The decreases in both selling, general and administrative expenses and research and development costs are primarily due to cost reduction measures implemented in connection with our Project Focus initiative.

We offer to a select group of suppliers a voluntary supply chain finance program as part of our continued efforts to improve our working capital efficiency.

As part of the evaluation of our manufacturing footprint in connection with Project Focus, we finalized a termination agreement to exit a contract with one of our third-party manufacturers during the second quarter of 2024.

In connection with our plans to establish a global technology and innovation center in Switzerland, we initiated changes to our corporate entity structure, including intra-entity transfers of certain intellectual property, during the second quarter of 2024.

Reductions in research and development spending were done without sacrificing investments in areas such as Plant Health and our new active ingredient pipeline.

New product sales also grew during the period due to strong performance of new diamide insecticide formulations and fluindapyr based fungicides.

There were no share repurchases under the publicly announced repurchase program during the six months ended June 30, 2024.

During the six months ended June 30, 2024, we paid dividends of $145.2 million.

The anticipated proceeds of such sale, net of transaction costs, have not been included in our forecasted free cash flow (Non-GAAP) and will be excluded when results are reported as we plan to use the proceeds to pay down outstanding debt if a sale is completed.

Projected 2024 spending, net of recoveries includes approximately $35 million to $45 million of net environmental remediation spending for our sites accounted for within continuing operations.

Projected 2024 spending, net of recoveries includes approximately $45 million to $55 million of net environmental remediation spending for our discontinued sites.

There have been no significant updates since the information included in our 2023 Form 10-K.

In response to the unprecedented downturn in the global crop protection market during 2023, we initiated a global restructuring plan.

The decrease in sales volume was the result of continued channel destocking in all regions during the first quarter.

Pricing pressure due to competition in the market as well as one-time customer incentives offered to address high cost inventory in the channel.