PHILADELPHIA (AP) -- Chemical company FMC Corp. said Monday that it plans to separate into two publicly traded companies.

The "New FMC" will include the agricultural and health and nutrition businesses, while "FMC Minerals" will include the current minerals segment that houses the alkali chemicals and lithium businesses.

President, CEO and Chairman Pierre Brondeau said in a statement that FMC believes that the separation will allow each company to pursue its own strategy.

"This will give each company greater focus on the success factors that are most important to its business and allow the adoption of a capital structure that is appropriate to its business profile," he said.

The separation plans still need final board approval.

Brondeau will lead "New FMC," while a CEO for "FMC Minerals" will be announced in the coming months, FMC said.

Based on the midpoint of FMC's February 2014 outlook, "New FMC" is expected to generate earnings of about $815 million this year on about $3.35 billion in revenue while "FMC Minerals" should generate earnings of about $153 million on revenue of $1 billion this year.

FMC said that it anticipates the separation being completed in early 2015. Each company is expected to list on the New York Stock Exchange.

FMC shares finished at $77.87 on Friday. They are up more than 27 percent since a year ago.