Crop Chemical Firm FMC to Explore Options Including Sale (3)

FMC Corp. shares plunged after its board authorized the exploration of strategic options, including a possible sale of the company, as the maker of crop-protection products struggles with a weak farm economy and cheaper competition.

The company said in a statement Wednesday that the review is at a preliminary stage, and there is no assurance that the process will result in any transaction. FMC is also focusing on a stronger balance sheet by paying down $1 billion in debt through asset sales and licensing agreements, it said.

The company’s shares fell as much as 25% Thursday, the most since Oct. ...