FMC's global restructuring charges could be as high as $215 million

Recently, FMC announced that its previously announced global restructuring plan will incur a pre-tax charge of $180 million to $215 million.

In December 2023, FMC initiated a job reduction and restructuring plan for its Brazilian operations worldwide, after the company faced declining demand for agricultural chemicals and overstocking of products. FMC expects severance and benefit charges related to the restructuring plan to total between $85 million and $100 million. This includes the cost of the job cuts that FMC has made to adapt to changes in its global operating model. FMC has previously announced plans to cut 8 percent of its global workforce.

Earlier this month, the company forecast a poor first-quarter profit, citing drought in Brazil and high inventories in India as reasons for the decline. It revealed that it expects asset impairment charges to be in the range of $80 million to $90 million due to a possible partial production relocation.

According to a restructuring plan announced by FMC, the agrochemical giant expects adjusted core earnings of $50 million to $75 million in 2024.