Chemical manufacturer FMC Corp said it would split into two companies, one comprising its minerals business and the other its agricultural solutions, health and nutrition business.

FMC said the split would be through a tax-free distribution of shares in the new companies to its shareholders.

"We believe that creating two companies, each with its own publicly-listed equity will enable the management of each company to pursue its own strategy... and allow the adoption of a capital structure that is appropriate to its business profile," FMC Corp Chief Executive Pierre Brondeau said in a statement on Monday.

Brondeau will lead the company holding FMC's agricultural solutions and health and nutrition businesses.

Earnings at this unit are expected to rise 15 percent to $815 million, based on the midpoint of FMC Corp's 2014 outlook. Revenue is expected to increase 16 percent to $3.35 billion.

FMC's agricultural solutions business provides crop-protection products, while the health and nutrition business makes natural colors for food, binders and coatings, among other products.

Earnings at FMC Minerals, which will hold the company's alkali chemicals and lithium businesses, are expected to rise 19 percent to $153 million, based on the midpoint of the FMC's 2014 outlook. Revenue is expected to grow 7 percent to $1.0 billion.

A CEO for FMC Minerals will be named in the coming months, FMC said.

The company said it expects to complete the separation in early 2015 and list each company on the New York Stock Exchange.