Umicore: production gradually resumes at plants
(CercleFinance.com) - The Belgian materials technology group Umicore announced on Monday that it has gradually resumed production at its plants that had been closed due to a coronavirus outbreak.
The materials technology specialist said that the proportion of temporarily unemployed employees had fallen to around 3% of the workforce, down from 10% at the end of April.
In particular, Umicore explains that it has restarted production at its automotive catalyst plants, even though car makers have resumed production on their assembly lines later than expected.
However, Umicore continues to forecast that global car production will be reduced by around 25% this year.
For the first half of the year Umicore expects its recurrent EBIT to remain broadly in line with the level of H1 2019, thanks to the sound performance of its recycling activities.
Note that visibility on demand in the second half of the year, remains extremely poor, the group points out, leaving it unable to formulate a reliable quantified outlook for 2020.
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