Chairman's - FMC Corporation

Chairman’s LETTER
Eight years ago, we had just completed
the split of FMC Corporation into two
independent, publicly traded companies.
It was my frst opportunity as chairman,
president and chief executive offcer to
outline my agenda in the annual report to
shareholders. Our theme that year was
Focus – specifcally focus on after tax
operating proft, return on invested capital
and improved cash fow. We also promised
rigorous fnancial discipline in our capital
allocation process, all intended to rebuild our
balance sheet, deliver consistent earnings
growth and ultimately to create value for
our shareholders.
Despite our careful and deliberate plans,
things did not always go as expected;
they seldom do. In the face of signifcant
economic and operational headwinds
following the split, we took measured steps We accomplished what we did because of
to stabilize the company and unlock value by: the energy and commitment of a talented
• Leveraging our cash-generating business,
Industrial Chemicals, to maximize proftability
during times of economic expansion;
global workforce, strong senior management
leadership and a Board of Directors that
provided me with outstanding guidance
and support.
• Reducing long-term debt to create the
fnancial fexibility needed for growth; and
The company is now well-positioned for
growth. I am confdent that Pierre Brondeau,
• Enhancing the proftability of our higher who succeeds me as president and CEO, will
growth businesses, Agricultural Products and continue to build on the strength and legacy
Specialty Chemicals, through a combination of FMC Corporation. Pierre is an exceptional
of organic growth and strategic acquisitions. leader with a proven record of achievement
Our strategies and disciplined focus would in the chemical industry. His demonstrated
prove to be a winning formula. Now, I look ability to grow businesses, combined with
back with great satisfaction and a sense FMC’s strong, existing platform, makes
of accomplishment that the company has, the future a very promising one for
in fact, created signifcant value for its
our shareholders.
shareholders. Specifcally, over the last Finally, after more than 35 years of service
eight years:
with FMC, stepping back from the day-to-
• Revenues increased from $1.9 billion to day excitement of running the company
$2.8 billion;
presents a new and interesting challenge
• Earnings before restructuring and
other charges grew an average of
17 percent a year;
for me. I would be remiss by not thanking
all who enriched my career; colleagues and
friends with whom I shared a common goal
of making FMC an industry leader and a
• Over $540 million has been great place to work. In this connection, I
returned to shareholders through a want to especially recognize the outstanding
combination of dividends and our leadership team that I have had the privilege
share repurchase plan; and of working with during my time as CEO.
• FMC stock appreciated 250 They are among the fnest executives in our
percent on a split-adjusted basis. industry and, along with our employees,
deserve the credit for our success.
William G. Walter
Chairman of the Board
March 19, 2010
Later this year, I will be retiring as an FMC
employee and relinquishing my duties
as Chairman of the Board. It has been
a remarkable journey, for which I am
profoundly grateful. Thank you for the
opportunity to serve you.
FMC Corporation | 2009 Annual Report | Chairman’s Letter
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