Carbon cathodes drive materials group growth
Business news
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By
Nick Flaherty
Revenues for the first six months of 2017 were up 13% to €1.4 bn mostly as a result of the surge in customer demand for Umicore’s carbon cathode materials for rechargeable batteries used in automotive applications.
The company is aiming to be a clear leader in clean mobility materials and recycling, and has increased its production capacity for cathode materials six-fold. The first additional production lines will be commissioned towards the end of the year.
Umicore expects profits for the full year of € 370 m to € 400 m, but says it will stop issuing quarterly trading updates. Instead it will “continue to interact with investors to address strategic themes and discuss the progress towards Umicore’s long-term ambitions”, said the company.
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