FMC has appointed its chief financial officer Paul Graves as chief executive of its planned lithium spin-off, which be listed this year as demand surges for the key battery raw material.
The separation of FMC’s lithium business is one of a number of expected listings this year, which will test investor appetite for companies producing the raw materials needed for electric vehicles.
“Preparations to separate out lithium business are progressing very well, with an expected IPO in the second half of 2018,” Pierre Brondeau, chief executive of FMC, said.
Mr Brondeau will become chairman of the new company once it is listed, FMC said.
Mr Graves is a former Goldman Sachs investment banker who started his career as an auditor at Ernst & Young, according to his LinkedIn profile.
Lithium prices have more than doubled over the past two years due to growth in sales of electric cars.
The Solactive global Lithium Index of companies involved in the sector has rallied by 39 per cent over the past year. This year, however, it has fallen by 9 per cent as concerns grow about lithium oversupply.
FMC’s listing comes as Chinese competitor Ganfeng Lithium is also expected to list on the Hong Kong Stock Exchange this year.
Source: FT.com
