Chemical industry merger and acquisition activity fell sharply in the first quarter, according to a new analysis by the consulting firm PwC. The total value of announced deals was $19.8 billion, down 57% from the previous quarter and 67% from the first quarter of 2016. DuPont’s swap of its crop protection chemicals business for FMC’s health and nutrition business accounted for a large part of the value. Twenty-eight deals were announced in the quarter, down 22% from the previous quarter but up 45% from the year-ago quarter. Deals involving industry investors accounted for 65% of the value, according to PwC; financial investors, such as private equity firms, made up the rest. Companies from Asia and Oceania were the biggest targets in the quarter. Companies in North America were the biggest acquirers.