Umicore to pause construction of battery materials plant in Canada [Yahoo! Finance Canada]
UMICORE SA UNSP/ADR (UMICY)
NASDAQ:AMEX Investor Relations:
umicore.com/en/investors
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Source: Yahoo! Finance Canada
"Umicore is navigating a challenging environment where we feel the impact of the complex transitioning of the automotive industry towards electric mobility. Serving our North American customers out of Korea is now clearly the most effective use of our assets," CEO Bart Sap said in a statement. The maker of catalytic converters and battery materials for carmakers launched a review of its business in July, and said it had postponed a "large scale" investment in an unspecified battery recycling plant in Europe, as well as for the on in Canada. The Belgian group said ?it had not drawn on incentives provided by the Canadian government, and added that if the construction resumes, it would access them under same conditions, including employment commitments. (Reporting by Nathan Vifflin in Gdansk; editing by Milla Nissi) Recommended Stories
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