The SMID Point

Research evidence excerpt

The SMID Point

Roundup |

Wednesday, 24 June 2026 24 Jun 2026 07:00:00 ET

ACCompany | Industry Citi North America Research

+1-212-816-5062

Company

FMC (FMC.N) - Announces Sale-Leaseback of Newark, DE Property

Before market open today, FMC announced it has entered into a framework

agreement to sell its property in Newark, Delaware for gross proceeds of ~$114mm,

subject to a due diligence period and other customary closing conditions. The

company intends to lease back the facilities following the sale, which is expected

to close in 4Q26. Specific operational and economic terms of the leaseback

arrangement remain under negotiation between the parties. Importantly, FMC

expects its R&D capabilities to remain fully intact, with the Stine Research Center

continuing to serve as its global R&D headquarters. The sale-leaseback

transaction represents another meaningful step toward FMC's near-term

deleveraging target of ~$700mm, with ~$252mm cash inflows from the India

divestiture and ~$200mm upfront payment from the rimisoxafen licensing

agreement with CTVA. Our understanding is that FMC will continue to evaluate

additional asset monetization opportunities, including real estate and legacy

molecule divestitures (likely minimal earnings impact).

Neutral/High Risk | Target price US$14.00

Patrick Cunningham

SPS Commerce Inc (SPSC.O) - Exploring a Possible Sale

Today, Reuters reported SPSC is exploring a sale amid pressure from activist

investors. We highlighted SPSC as a potential target in the past (see here), seeing a

unique asset with the world's largest retail supply chain network, recent activist

involvement resulting in a refreshed board, a new CFO, and clear margin

opportunities in GM and G&A. PE appears the most natural fit as we do not see an