Umicore to invest €450 million in Hoboken and considers up to 350 job cuts
In a press release published on 12 November 2026, Umicore jointly announced an industrial investment in Belgium and a simplification of its organization. According to the group, these two initiatives are intended to strengthen its long-term competitiveness.
At the same time, Umicore reiterated its 2026 guidance, as raised in July, namely an adjusted EBITDA slightly above €1 billion. The group points out that performance will be more concentrated in the first half, as the exceptional results of Recycling and Specialty Materials are not expected to be repeated in the second half.
A new process in Hoboken, commissioning planned for 2030
Umicore has decided to invest €450 million in the extension of the flowsheet of Precious Metals Refining 2 in Hoboken, a unit of its Recycling division. This project had been considered at the March 2025 investor day, and the European Commission recently selected it as a strategic project under the Critical Raw Materials Act.
The new hydrometallurgical process, based on in-house developed technology, is expected to provide greater supply flexibility and shorten processing times for platinum group metals and other precious metals. It will increase capacity for minor and specialty metals such as antimony and tin, and will incorporate cobalt, the 18th metal processed by the group.
The extension should also bring the site into compliance with the European Ambient Air Quality Directive and strengthen operational safety through increased automation. Subject to regulatory approvals, the investment will be deployed between 2027 and 2030, the year planned for commissioning.
The group maintains the payback period of approximately six years announced in March 2025. According to the press release, this period “would be significantly shortened if current metal prices were to be maintained”.
Support functions: €60 million in annualized savings targeted by the end of 2028
In parallel, Umicore plans to simplify its operating model by redesigning its corporate functions and standardizing its processes through automation, digital tools, artificial intelligence and selective outsourcing. Management justifies this approach by stating that, “in a constantly changing environment, we cannot rest on our laurels”.
The proposed changes could result in up to 350 job cuts over the next two years, a figure that excludes positions at external contractors who are also affected. The company has begun consultations with trade unions and works council representatives.
Implementation is to take place gradually until the end of 2029 and mainly concern corporate functions in various regions. The annualized savings, estimated at €60 million, are expected to be achieved by the end of the fourth quarter of 2028.
