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Chemical

FMC to close Baltimore plant

June 25, 2007
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Diversified chemical company FMC Corp. said it will halt production at its agricultural chemicals plant in Baltimore by March 2008 as part of a large-scale outsourcing plan, according to the Associated Press. The Philadelphia-based company said the production phase-out will cost about $125 million to $135 million in restructuring, severance and other charges over the next five quarters, starting in the second quarter of this year. Excluding those charges, FMC said it will save about $5 million to $6 million in 2007 from the closure. The total annual savings expected from the shutdown will be about $25 million to $30 million, the company said, and should be reached by 2009. The closure is expected to affect 130 jobs
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