Umicore: withdraws 2020 forecasts due to coronavirus
(CercleFinance.com) - Umicore on Thursday withdrew its 2020 forecasts, citing uncertainty around the magnitude of the impact and duration of the COVID-19 pandemic.
In a statement, the Belgian materials and recycling group said that it has become impossible to predict the full impact of the virus on the automotive market and the group's broader activities.
Out of caution, Umicore has decided to halve its 2019 dividend to 0.375 euro, replacing its initial proposal of 0.75 euro per share, made last month.
Umicore is also delaying certain capex programs.
In the statement, the specialty metals and materials maker said that it has a "strong balance sheet" and ample liquidity with one billion euros of free cash.
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