Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Belgian company specializing in materials technology and battery recycling Umicore has announced that it will cut 260 jobs globally.
The programme will affect positions in Belgium, China and Denmark. In Belgium, about 100 positions are expected to be cut UMICORE-2024-BE. The layoffs will primarily affect R&D roles at the Olen facility and some corporate functions in Brussels. The employees involved will mainly be white-collar workers as well as professional and managerial staff. Additional reductions are planned in China and Denmark, with R&D activities for heavy-duty diesel applications being moved to Hanau, Germany.
The decision follows reduced demand for battery materials, due to the transition to electric vehicles, and is expected to save €40 million annually by 2025.
Globally, Umicore employs around 12,000 people, including 3,500 in Belgium.
Eurofound (2024), Umicore, Internal restructuring in World, factsheet number 201980, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201980.