Umicore plans job cuts, closures to consolidate cobalt business

(Reuters) - Belgium's Umicore SA UMI.BR on Wednesday announced plans to streamline its cobalt activities by cutting job and shutting down operations.

The maker of catalytic converters and battery materials for carmakers said it plans to consolidate part of the unit’s core activities in Kokkola, Finland and Nashville, Tennessee.

Umicore will move activities from its Belgian Olen plant to Finnish refinery Kokkola, a transfer it expects to finalise by mid-2023, cutting 165 jobs.

Umicore also plans to close its plant in Arab, Alabama - impacting 42 positions - and consolidate its activities in Nashville.

BAM expects primarily non-cash one-off adjustments of around 55 million euros ($64.51 million) to its core profit.

Reporting by Sarah Morland in Gdansk; editing by Jason Neely