Davis Polk advised FMC Corporation in connection with the separation of its lithium division into a new publicly traded company, to be called Livent Corporation, and advised Livent in connection with its $340 million initial public offering of 20,000,000 shares of common stock. The initial public offering closed on October 15, 2018 and shares of common stock are listed on the New York Stock Exchange under the symbol “LTHM.” FMC expects to complete a tax-free distribution of its remaining interest in Livent Corporation in the first quarter of 2019, subject to the final approval of FMC’s board of directors and customary tax and legal considerations.

For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. As part of FMC, operating through its lithium division, for more than six decades, Livent has partnered with its customers to safely and sustainably use lithium technology to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent employs approximately 700 people throughout the world and operates manufacturing sites in the United States, England, India, China and Argentina.

The Davis Polk capital markets team included partner Michael Kaplan and associates John H. Runne and Chris Van Buren. Partner William H. Aaronson and associate W. Soren Kreider IV provided general corporate advice. Partners Neil Barr and Rachel D. Kleinberg provided tax advice. Partner Kyoko Takahashi Lin and associate Travis Triano provided executive compensation advice. Partner Pritesh P. Shah provided intellectual property and technology advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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