FMC Corp., the Philadelphia-based chemical company, announced today that it will acquire the hydrocolloids ingredients business of Wayne, N.J.-based International Specialty Products. The purchase price was not disclosed.

The move will enhance FMC's position in hydrocolloids, which are used for thickening, stabilizing and gelling, as well as for forming film around other ingredients, and are used in the food, pharmaceutical and specialty industries. ISP's hydrocolloid ingredients business had revenues of approximately $80 million in 2007.

Under the agreement, FMC will acquire ISP's alginates (extracted from seaweed) and food blends business. An ISP operation in Brazil is not part of the acquisition.

FMC shares were down 40 cents to $68.52 in midday trading.