Umicore - CEO leaving raises even more question marks
• As of today CEO Mathias Miedreich will be replaced by Bart Sap, who was leading the Catalysis division. • Priority of the new CEO will be to review all the developments plans in Battery materials.• We always had our question marks and doubts on all these investments and the return profile of Battery materials and this is only further increased by this surprising news. We put our rating (Hold), estimates and TP (was EUR 23) under review.Umicore is global player in the materials technology and recycling industries. Co. focuses on application areas such as chemistry, materials science, metallurgy and recycling. Co.'s business model comprises four segments: Catalysis, Performance Materials, Energy Materials and Recycling. Catalysis focuses on the abatement of global automotive emissions; Performance Materials focuses on materials that help develop more sophisticated and safer products; Energy Materials produces materials used in the production and storage of clean energy including rechargeable batteries and photovoltaics; and Recycling treats complex waste streams containing precious and other non-ferrous metals.
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