U.S. chemical giant FMC (NYSE:FMC) and Europe-based Belchim Crop Protection have reached an agreement whereby FMC will acquire the rights to develop, register, manufacture, and market valifenalate, a fungicide used in the protection of "high-value" crops including grapes and tomatoes, FMC announced today. Valifenalate is currently being marketed under the name Valis.

The deal for valifenalate gives FMC the rights to market the patented fungicide to markets in North America, Latin America, and "some select countries outside of the Americas," according to FMC's statement.

FMC agricultural solutions president Mark Douglas commented in the company press release, "With targeted acquisitions like this one, FMC continues to diversify its crop protection portfolio in a manner that delivers more value to growers."

FMC will begin selling valifenalate in Latin America immediately, with plans to roll the product out to additional markets "soon after." Financial terms of the deal were not disclosed.