Umicore Puts Up to 350 Jobs at Risk While Investing €450 Million (About $500 Million) in Belgium

Umicore's proposed organisational changes could affect up to ca. 350 employees potentially facing job loss over the next two years, in the same release in which it confirmed a €450 million (about $500 million at the November 12 exchange rate) investment in its Hoboken refinery in Belgium. The cuts are not limited to Hoboken, and are expected to fall mostly on enterprise functions across different regions, and which sites will lose jobs is not yet known (translated). The investment goes into industrial capabilities, while the job plan targets more integrated and standardized support functions. For Metaintro readers who work in corporate roles at Umicore or a similar industrial group, this guide covers who is in scope, what Belgian law requires before any dismissal, what support workers are owed, and where Umicore is still hiring.

What Exactly Did Umicore Announce on November 12?

Two announcements came out together on November 12, 2026. The first is an investment, as Umicore has decided to invest in the expansion of the flowsheet in Precious Metals Refining at its site in Hoboken, a district of Antwerp (translated).

The second is a proposed reshaping of how the company is run, as Umicore is targeting a simpler, more agile operating model with clearer accountabilities and stronger collaboration, and the proposed job losses are tied to that change.

Umicore's Q3 2026 trading was in line with expectation and FY 2026 guidance was reiterated. The job plan comes alongside unchanged guidance for adj. EBITDA slightly above €1 billion (about $1.1 billion at the November 12 exchange rate) for the full year.

Is This a Hoboken Job Cut, and Who Is Actually in Scope?

Not as announced. One early La Libre headline tied the cuts to Hoboken, but the company did not. The roles are mostly impacting enterprise functions across different regions, and the release does not say in which parts or at which sites the jobs will disappear (translated). Hoboken is where the money goes, and the Umicore press release does not limit the job plan to any one site.

The initiative aims to reshape enterprise functions and standardize processes using automation, digital tools, AI and selective outsourcing. Chief executive Bart Sap described the target as more integrated and standardized support functions that sharpen the focus of the business teams on customers, innovation and growth.

The headline figure is a ceiling, not a count of notices, since the employees in scope are only potentially facing job loss. That figure excludes external contractor positions that are also in scope of the initiative, so the roles in scope go beyond the employee figure.

For scale, Umicore lists 11,230 employees on its current careers page, and describes itself as a global advanced materials and recycling group. Its operations are divided into four business groups, each consisting of decentralized business units. In November 2024 the group had about 3,500 in Belgium out of about 12,000 people worldwide.

How Long Will the Changes Take, and What Is the Savings Target?

The timeline runs longer than the two-year window for job losses, since implementation is anticipated to be phased through the end of 2029, while any job losses could come over the next two years.

The money target comes earlier. Umicore expects an estimated €60 million in annualized savings (about $67 million a year at the November 12 exchange rate) to be delivered by the end of Q4 2028.

The new target is not the same as the efficiency measures of € 60 million (about $67 million at the same exchange rate) Umicore listed for H1 2026. The November figure is annualized savings from the operating model change, expected to be delivered by the end of Q4 2028.

The half-year 2026 results add that corporate costs are expected to increase somewhat versus 2025, with targeted investments in digitalization and artificial intelligence capabilities.

Sustaining performance and growth over the long term requires both investment in our industrial capabilities and a more effective organization, CEO Bart Sap said, according to the Umicore press release.

What Will the Hoboken Investment Do?

The money goes into the Precious Metals Refining flowsheet, and the new state-of-the-art hydro-metallurgical flowsheet is meant to bring greater feed flexibility, shorter throughput times for Platinum Group Metals and other precious metals, and more capacity for minor and specialty metals like antimony and tin.

The expansion will also enable the refining and recycling of cobalt, adding an 18th metal to the flowsheet. On the environmental side, it is designed to enable compliance with the EU’s Ambient Air Quality Directive, and it is meant to enhance operational safety through increased automation.

The money will be deployed between 2027 and 2030 which is the expected commissioning year, and Umicore expects a payback period of about 6 years. The project is still subject to required regulatory approvals.

The European Commission recently selected the expansion as a strategic project under the Critical Raw Materials Act. The release gives no figure for how many jobs, if any, the Hoboken expansion will add.

The Precious Metals Refining unit is part of Umicore Recycling Business Group, and in the first half of 2026 Recycling revenues and, to a greater extent, adj. EBITDA increased y/y, by 8% and 36% respectively. That was despite lower volumes in Precious Metals Refining, following the scheduled maintenance shutdown in H1 2026.

Is This Investment New, or Was It Announced Before?

The investment was envisioned at its Capital Markets Day in March 2025, and the March 2025 roadmap listed an investment for the future in Precious Metals Refining plant in Hoboken, Belgium. What is new is the firm decision to invest. Sap confirmed that money will be invested in the Hoboken site, which had already been discussed last year (translated).

At that Capital Markets Day, Umicore set a capex reduction of € 1.4 billion (about $1.6 billion at the November 12 exchange rate) between 2025 and 2028 versus its previous plan. It also kept targeting the offset of inflation through gross efficiencies of minimum € 50 million to € 75 million per year from 2026 to 2028 (about $56 million to $83 million a year at the same exchange rate).

Has Umicore Cut Jobs Like This Before?

Yes. In November 2024, Umicore set out plans for cutting about 260 jobs worldwide, with some 100 jobs disappearing in Belgium, including 71 in Olen and the rest in Brussels. Those cuts were in its battery materials division.

Umicore launched the information and consultation phase of the Renault law, and by January 2025 management and unions reached an agreement on a social plan (translated), as reported by the liberal union ACLVB. Umicore confirmed that the information and consultation phase has been formally concluded.

ACLVB secretary Christophe Van Audenhove said the aim was to rely as much as possible on voluntary departure (translated), with financial incentives, and that SWT, the system of unemployment with company top-up that used to be called the bridging pension, would not be used. In Germany, Umicore has informed employees at Hanau about its plans to reduce close to 140 positions or 14 percent of its workforce in Hanau until 2027, including voluntary leaver programs.

What Does Belgian Law Require Before Anyone Is Dismissed?

Collective dismissals in Belgium follow the Law of 13 February 1998, the so-called Renault Law. Umicore has begun consultations with trade unions and works councils’ representatives.

The rule applies when, within 60 days, a firm plans dismissals of at least 10 workers in firms with 20-99 employees, of at least 10% of the workforce in companies with 100-299 employees or at least 30 workers in firms with 300 or more staff. The employer must notify the regional employment office, which is VDAB in Flanders, FOREM in Wallonia and ACTIRIS in Brussels.

The consultation has no time limit with regards to when it should end. Once it is complete, the employer must notify the regional office in writing, providing proofs that the consultation procedure has been respected.

From that moment, union representatives have 30 days to object about the information and consultation process. During this period, the employer cannot proceed to any layoff, according to the Eurofound restructuring legislation database.

If unions object, the regional office can extend this period up to 60 days. Outside Belgium, support for those affected will follow local practices and requirements.

What Support Are Affected Workers in Belgium Owed?

If an employer announces a collective dismissal and is in restructuring, it must set up an employment cell and provide extra guidance for your search for new work (translated), and outplacement is offered to everyone who signs up to that cell.

If the restructuring leads to your dismissal, you may, under certain conditions, be entitled to a reintegration allowance (or a higher unemployment benefit), and a reduction card that brings social security (RSZ) advantages with your next employer (translated).

Outplacement rules depend on notice length and age. Under the general scheme, you qualify if you were not dismissed for serious cause and have a notice period of at least 30 weeks (translated) or equivalent pay. With less than 30 weeks, you still qualify if you worked in the private sector, were dismissed for a reason other than serious cause, were at least 45 at dismissal and had worked one year without interruption for your employer (translated). Under that special scheme, if you qualify for a retirement pension, you no longer have a right to outplacement (translated).

If you are required to follow it and do not, the VDAB control service can impose a sanction (translated) that affects your unemployment benefit. Outplacement can also start during your notice period (translated), on your job-search leave days.

Where Is Umicore Still Hiring?

Umicore is still posting jobs, and its job finder page currently lists a Laboratory Support Specialist in Nysa, Poland, a Commercial Operations Specialist in Songdo, Korea, and production roles in Changshu, China, and Quapaw in the United States.

In Belgium, Umicore is advertising a Management Officer role in Belgium, Olen, at Mid-Level on its current job finder, and the production and maintenance page lists a Vlinder procesoperator (Vaste Nacht) role in Belgium, Brugge, a fixed night shift process operator job (translated) marked for mid-level and entry-level applicants.

Applications, with a CV and cover letter, are submitted online. If they stand out, Umicore invites you to a video interview to get to know each other, followed by some assessments, and if you are successful, a second interview at one of its sites. In some cases there is a medical exam, and a certificate of good conduct will also be required.

If no current role fits, Umicore accepts spontaneous applications through its open application page. It only recruits via this page or approved partners, and its careers page warns that scammers may sometimes pose as recruiters.

What This Means for Umicore Staff and Job Seekers, and What Should You Do Next?

Umicore's plan pairs a refinery investment with a leaner support layer, built on automation, digital tools, AI and selective outsourcing to standardise the work. Factory floors are changing too, as Europe adds AI in factories while its workforce ages.

If you work in a support function at Umicore, or as a contractor in one, your role sits in the enterprise functions the plan targets. Use the Belgian process to your advantage. It has no time limit, and no layoff can happen until it ends and the 30-day objection window has passed.

• Know the numbers that apply to you. Your notice length and age decide your outplacement rights, so check your contract start date and notice period now.
• Look inside first. Umicore is still hiring in production, labs and commercial roles on its job finder page.
• Build the skills the new model runs on. The plan names automation, digital tools, AI and selective outsourcing, so list any process, systems or automation work on your CV now.
• Sign up to the employment cell if one is set up. It is the route to outplacement, and a dismissal in a restructuring can, under certain conditions, bring the reintegration allowance and reduction card.

Start by mapping your support-function skills to open roles, using AI tools for a job search after a layoff.

Lacey Kaelani, Metaintro's CEO, puts it this way: A long consultation is time you are still being paid. Use it to map your skills to the plants and suppliers that are hiring, not to wait for the final list.

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People Also Asked

Q: How many jobs is Umicore cutting?

A: Umicore's proposed changes could affect up to ca. 350 employees potentially facing job loss over the next two years, not counting external contractor positions that are also in scope.

Q: Are the Umicore job cuts at the Hoboken plant?

A: Umicore has not tied them to Hoboken. They are expected to fall mostly on enterprise functions across different regions, and the sites affected are not yet known (translated).

Q: When will the Hoboken investment be finished?

A: The €450 million (about $500 million) will be spent between 2027 and 2030 which is the expected commissioning year, subject to regulatory approvals.

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