Umicore shares details on cost saving measures and pauses construction of its battery materials plant in Canada [Yahoo! Finance]
UMICORE SA UNSP/ADR (UMICY)
NASDAQ:AMEX Investor Relations:
umicore.com/en/investors
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Source: Yahoo! Finance
Umicore shares details on the anticipated cost-saving measures, affecting its workforce in Battery Materials and other select areas; As part of the strategic review of its Battery Materials business Umicore has decided to continue to pause construction of its battery materials plant in Loyalist, Ontario, Canada. The strategic review continues and further outcomes will be communicated latest at the upcoming Capital Markets Day. A key part of Umicore's ongoing strategic review of its Battery Materials business, is to maximize capacity utilization of existing plants prior to any further expansion. Umicore has now decided to continue to pause the construction of a new battery materials plant in Loyalist. In the meantime, Umicore intends to retain a solid core team on site at Umicore's local office in Loyalist. The decision of pausing the construction of the Canadian plant was made in close alignment with Umicore's customers. The long-term supply agreement with AESC for high-nickel
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