Umicore to cut 14% of workforce at its largest German site
Adds reason in lead, region in Germany in paragraph 1, Quote paragraph 3, background paragraph 4-5
By Nathan Vifflin
June 18 (Reuters) - Belgianmetal recycling group Umicore UMI.BR is planning substantial workforce reductions at its German automotive catalysts business, it said on Tuesday, citinglooser than expected Euro 7 emissions legislation and lower demand for cars.
The planned cuts target a 14% reduction in positions by 2027, affecting 140 jobs in Hanau, Hesse.
The company said that while internal combustion engine cars will remain dominant for the next years, demand is beginning to peak, the company said.
"Umicore's strategy for Automotive Catalysts reflects this development," it added.
Umicore's catalysis business, its largest by revenue, recycles rare metals used in emissions control devices, imposed by emissions regulations.
In September last year the European Union agreed on a looser compromise proposal for its latest Euro 7 norm.
Reporting by Nathan Vifflin, Editing by Louise Heavens
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