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Umicore has appointed Bart Sap to replace Mathias Miedreich as CEO. One of Sap’s top priorities will be reevaluating investments in battery materials. The company has been pushing to become a major player in the battery materials industry. It has cathode materials plants in China, Korea, and Poland. In 2022, Umicore also announced plans for a cathode materials plant in Canada and a battery recycling facility in Europe. Umicore says it’s reconsidering new battery investments in light of lower than expected demand for battery materials. Competitor Johnson Matthey had also hoped to pivot towards battery materials, but sold that business in 2022 because of the high cost of building battery plants.
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