This week’s additions and highlights
1. SPIN-OFFS
- Midera Food Processing (MFP US). Flagging the upcoming spin-off of Middleby’s Food Processing business as Midera Food Processing (MFP; expected this week). As mentioned, interesting timing given the unit’s relatively smaller size, stronger growth but worse margin dynamic compared to the Middleby’s larger Commercial Foodservice segment. The Food Processing margin pressure was driven by several factors, most of which looks temporary (e.g. tariff-related impact, relatively recent acquisitions still integrating, pricing lags); ic stuff that could improve going forward. Let’s keep an eye on the trading action.
- Mobility Global (MBGL US). As expected, / hoped, there’s been pressure on the Mobility Global spin (as mentioned, small size, lack of overlap with SPGI, no direct comps, etc.). Let’s hope for more; the business is Carfax (65% of revenue) plus some interesting B2B assets (Mastermind, Polk, Market Scan), with 80%+ subscription revenue, mid‑single‑digit core growth, and 7.5–10% organic growth targets.
- ADI Global Distribution (ADIG US). Resideo approved the spin of its ADI Global Distribution (ADIG). Another interesting one to keep an eye on; Resideo recently confirmed that both P&S and ADI businesses are tracking at or above midpoint expectations. There will be an investor day on July 14 where both Resideo and ADI will show their standalone strategies and long‑term targets. Trading expected on August 4.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)
- FMC Corporation (FMC US). FMC recently confirmed that there is tangible buyer interest. Management said during a conference that around five to ten parties are ‘interested in the process at difference levels in different manners’. A reminder that FMC launched a strategic review. Results remain very weak and 2026 has been guided to be another down year. The review includes a potential sale, though management said to prioritize debt reduction (targeting $1bn via asset sales and licensing), shoring up the legacy portfolio, and managing the post‑patent decline of Rynaxypyr. There are some bright spots (e.g. New Active Ingredients), but the market is not pricing much for recovery… which is where the opportunity comes from. FMC still has some decent assets. And overall, the shares are just trading sideways.UPDATE (July 7, 2026) FMC agreed on a $400m equity investment from Belgium’s Tessenderlo (TESB BB) at $13.30 p/s (vs ~$12.40 today), which gives Tessenderlo ~20% and concludes FMC’s strategic options review. The capital helps FMC meet its ~$1bn debt‑paydown target and continue operating independently while financing its R&D pipeline and new‑molecule commercialization. We’ve had quite some balance‑sheet actions: $1.2bn secured bond, India business sale ($252m), $200m Corteva prepayment, and a $114m sale‑leaseback. IF this thing executes, massive rerating potential…