Umicore

Umicore announced today an acceleration of its capacity expansion investments for NMC (nickel manganese cobalt) cathode materials. The acceleration is required to meet a surge in demand for materials used in hybrid and electric vehicles.

According to the company revenues increased by 1% in the first quarter of 2016 with strong growth in Automotive Catalysts and Rechargeable Battery Materials more than offsetting the impact of lower metal prices on the various recycling activities.

Revenues were 1% higher compared to 2013. Growth in Catalysis and Energy Materials offset lower revenues in Performance Materials and Recycling.

Umicore’s revenues were slightly down compared to the first half of 2013 as a result of volume growth being offset by strong metal price and currency headwinds. Recurring EBIT was down 15% due to lower metal prices, currency headwinds and higher depreciation charges, partly offset by cost reductions.

The production facility in Nowa Ruda, Poland, for emission control catalysts used in cars and trucks, will be Umicore’s first industrial operation in Poland and complements Umicore’s existing European automotive catalyst production capabilities in Germany, France and Sweden.