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Key takeaways

  • Umicore is laying off 260 employees as a result of shifts in the automotive industry.
  • About 100 jobs will be affected at the Belgian site, mainly in R&D and corporate functions.
  • Job losses are also expected in Jiangmen, China, Hørsholm, Denmark, and the Canadian battery materials plant is suspended.

Umicore, a global company specializing in materials technology for the production and recycling of materials for various applications, announced layoffs for 260 employees across its operations. The decision comes at a time when the company is facing the challenges of the shift to electric power in the automotive industry.

About 100 jobs will be lost at the Belgian branch, mainly in research and development (R&D) functions in Olen, Antwerp province. Some of the corporate functions in Brussels will also be affected. The company has begun the information and consultation phase as required by the Renault procedure.

Global impact

Globally, job losses are expected in Jiangmen, China, and Hørsholm, Denmark, as a result of the relocation of R&D activities for heavy-duty diesel applications to Hanau, Germany. In addition, Umicore has announced the suspension of construction of its Canadian battery materials plant.

These cost-cutting actions, implemented alongside an efficiency initiative launched in 2023, are expected to generate annual savings of some €40 million by 2025. With a global workforce of some 12,000, including 3,500 in Belgium, Bart Sap, CEO of Umicore, recognizes the need for "tough decisions" as the company adapts to evolving industry trends.

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