FMC Corporation (NYSE: FMC) and Tessenderlo Group (XBRU: TESB) announced a definitive agreement under which the Belgian industrial group will make a minority equity investment of approximately $400 million in FMC at $13.30 per share.

Upon closing, Tessenderlo Group will own approximately 20% of FMC's outstanding common stock. The transaction concludes a strategic options review that FMC's board of directors launched in February 2026.

FMC intends to use the proceeds to pay down debt, reaching its approximately $1 billion debt paydown target. The company said it plans to continue operating as an independent company, advancing its research and development pipeline and commercializing new products.

Luc Tack, chief executive officer of Tessenderlo Group, said the investment aligns with the company's strategy to "expand our agro platform through strategic cornerstone investments whereby we take a minority position in high-quality companies."

Pierre Brondeau, chairman, chief executive officer and president of FMC, said the agreement "follows a comprehensive and deliberate process" and that the board is confident it is "the best path forward for our company and its shareholders."

The announcement accompanies several other financial steps FMC has taken in recent months, including raising $1.2 billion in a secured high-yield bond offering, signing an agreement to sell its India commercial business for $252 million, entering a supply and license agreement with Corteva Inc. with an initial prepayment of $200 million, and signing a $114 million sale-and-leaseback agreement for its Newark, Delaware property.