Brief: Umicore Shares Details On Cost Saving Measures

Umicore SA

06/11/2024 07:36

Nov 6 (Reuters) - Umicore SA  UMI.BR :
    * SHARES DETAILS ON COST SAVING MEASURES AND PAUSES
CONSTRUCTION
OF ITS BATTERY MATERIALS PLANT IN CANADA
    * HAS DECIDED TO CONTINUE TO PAUSE CONSTRUCTION OF ITS
BATTERY
MATERIALS PLANT IN LOYALIST, ONTARIO, CANADA
    * COST SAVING MEASURES EXPECTED TO GENERATE APPROXIMATELY
EUR 40
MILLION ANNUALIZED SAVINGS IN 2025
    * STRATEGIC REVIEW CONTINUES AND FURTHER OUTCOMES WILL BE
COMMUNICATED LATEST AT UPCOMING CAPITAL MARKETS DAY
    * MEASURES MAY IMPACT APPROXIMATELY 260 POSITIONS IN SELECT
PARTS
OF THE ORGANIZATION. IN BATTERY MATERIALS
    * IN BATTERY MATERIALS, INTENDS TO RESIZE THE WORKFORCE
PREDOMINANTLY IN ITS PRODUCTION PLANT IN JIANGMEN, CHINA
    * LONG-TERM SUPPLY AGREEMENT WITH AESC FOR HIGH-NICKEL
CATHODE
ACTIVE MATERIALS FOR NORTH AMERICAN MARKET WILL BE SERVED FROM
PLANT IN CHEONAN, KOREA
    * COST SAVING MEASURES ANNOUNCED TODAY COME ON TOP OF ITS
EFFICIENCY PROGRAM INITIATED IN 2023
    * EXPECTED TO GENERATE APPROXIMATELY €40 MILLION3 ANNUALIZED
SAVINGS IN 2025
    * IT FURTHER INTENDS TO RESIZE ITS GROUP CORPORATE FUNCTIONS
IN
LINE WITH CURRENT NEEDS
    * IN AUTOMOTIVE CATALYSTS, INTENDS TO TRANSFER HEAVY-DUTY
DIESEL
RESEARCH AND DEVELOPMENT WORK TO HANAU SITE
    * IN AUTOMOTIVE CATALYSTS: TO DISCONTINUE RESEARCH AND
DEVELOPMENT
ACTIVITIES IN HØRSHOLM (DENMARK)
    * IN BELGIUM, APPROXIMATELY 100 POSITIONS MAY BE IMPACTED

Source text:  ID:nGNE6m1Ksp 
Further company coverage:  UMI.BR 

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