Belgium-based materials technology group Umicore is stepping up efforts to sharpen its long-term competitiveness with a €450 million investment in its Precious Metals Refining operations in Hoboken, Belgium, alongside a proposed restructuring that could put up to 350 jobs at risk over the next two years.

 

The twin initiatives are aimed at strengthening the company's competitive position, improving operational efficiency and positioning the Group to capture future growth opportunities while delivering sustainable long-term value.

 

The planned investment will expand and enhance the Hoboken Precious Metals Refining flowsheet, reinforcing what Umicore describes as a distinctive competitive advantage.

 

At the same time, the company is targeting a leaner, more agile operating model, with clearer accountability, stronger collaboration and an increased focus on customers. The proposed organizational changes are expected to generate approximately €60 million in annualized savings by the end of the fourth quarter of 2028.

 

The restructuring could affect up to approximately 350 employees, who may face job losses over the next two years.

 

Umicore said the implementation would be phased through the end of 2029, with the changes expected to affect mainly enterprise functions across different regions.

 

Acknowledging the potential impact on its workforce, the company said it would handle the process responsibly and transparently, while providing support to affected employees.

 

Consultations with trade unions and works councils’ representatives have already begun. Support will be provided in line with local practices and requirements.

 

Meanwhile, Umicore has reiterated its full-year 2026 guidance, with adjusted EBITDA expected to come in slightly above €1 billion, maintaining the upgraded outlook announced in July.

 

The company said its third-quarter trading was in line with expectations, following strong underlying performance in the first half of the year.

 

However, earnings are expected to be weighted towards the first half, as exceptional performances in Recycling and Specialty Materials are unlikely to be repeated in the second half. Automotive Catalysts is also expected to follow its usual seasonal patterns.

 

The investment and restructuring package marks a significant move by Umicore to streamline its operations, strengthen its industrial capabilities and improve its ability to innovate and pursue organic growth, while targeting substantial cost savings over the coming years.