Dec 12 (Reuters) - Agrichemicals firm FMC Corp FMC.N said on Friday its board has approved a restructuring plan, aimed at cutting costs, shutting down high-cost plants and shifting production to lower-cost locations.

FMC, a key player in the insecticide and fungicide market, has been facing intensified competition in key markets, prompting it to reduce prices and divest assets.

Earlier this year, the company said it would divest its commercial business in India, in response to challenges in the country.

The company also said it is implementing the initiatives in Asia to reflect the smaller scale of the region's business following the planned sale of its India operations.

The agrichemicals firm expects to save $175 million or more by the end of 2027, once the plan is fully implemented.

It also expects to incur restructuring charges of between $560 million and $635 million over the life of the program.

FMC sees total severance charges and related benefit costs in the range of $50 million to $80 million.

(Reporting by Varun Sahay in Bengaluru; Editing by Alan Barona)

((Varun.Sahay@thomsonreuters.com))