Materials technology group Umicore (EBR: UMI) confirmed a 450 million euro investment in its Hoboken recycling plant while planning to cut up to 350 jobs globally over the next two years, affecting nearly 100 positions in Belgium, as reported by De Tijd.
The company, which was formerly known as Union Minière, is executing a strategic shift that prioritizes its traditional business lines over battery materials.
Umicore Invests 450 Million Euro in Hoboken Facility Expansion
- Umicore will allocate 450 million euro to expand its Precious Metals Refining facility in Hoboken between 2027 and 2030, with full operations expected by 2030.
- The company intends to cut up to 350 jobs globally through AI-driven automation, generating approximately 60 million euro in annual cost savings by the end of the fourth quarter of 2028.
- Management confirmed its full-year 2026 outlook, projecting an adjusted EBITDA of slightly more than 1 billion euro, according to Beursduivel.be. This outlook was previously raised in July.
Hoboken Plant Expansion
The 450 million euro commitment expands the Hoboken site’s processing capabilities by introducing chemical recycling alongside the existing smelting process, Business AM reported. While the facility currently recovers 17 precious and critical metals such as palladium, rhodium, platinum, silver, and gold, the new technology enables the refining of cobalt as an 18th metal. The expansion also increases capacity for processing tin and antimony, according to Made in.
“Dat zal toelaten ook kobalt, een 18de metaal, te raffineren en te recycleren”, said Caroline Jacobs, spokesperson.
“Dit is een belangrijke investering voor België en de Europese waardeketen voor kritieke grondstoffen,” the company stated regarding the strategic value of the project. The execution phase is scheduled between 2027 and 2030, with the facility slated to be fully operational by the end of the decade.
Global Workforce Reductions
Alongside industrial expansion, Umicore is restructuring its operational model by integrating artificial intelligence and automation to standardize processes. This digital integration targets administrative and support functions across IT, procurement, human resources, and finance.
The company employs approximately 11,000 people globally, with about 3,200 based in Belgium. The planned reductions will affect up to 350 roles worldwide, with nearly 100 positions on the line across Belgian sites in Brussels, Bruges, Olen, and Hoboken, as detailed by Business AM.
Umicore Starts Talks with Unions About Restructuring
Discussions with works councils and trade unions have already commenced regarding the workforce changes. The restructuring aims to establish a more flexible and agile organizational structure to secure long-term performance. The company said that the third quarter performed in line with expectations.
“Dankzij onze aanhoudende solide prestaties kunnen we onze vooruitzichten voor het volledige boekjaar 2026 bevestigen. Toch betekent stilstaan achteruitgaan. Om onze prestaties en groei op de lange termijn te bestendigen, moeten we zowel investeren in onze industriële capaciteiten als onze organisatie doeltreffender maken,” said Bart Sap, CEO, in an official company statement reported by Beursduivel.be.
The measures are designed to yield approximately 60 million euro in annual cost savings by the end of the fourth quarter of 2028.
| Metric | Projection / Target |
|---|---|
| Hoboken Investment | €450 million (2027–2030) |
| Global Job Reductions | Up to 350 positions |
| Belgian Job Reductions | Nearly 100 positions |
| Full-Year 2026 Adjusted EBITDA | Slightly more than €1 billion |
