(Bloomberg) -- Albemarle Corp. plans to cut its global workforce by 6%-7% as part of efforts to reduce costs as lithium prices slump and demand slows.
The world’s largest producer of the battery metal said the headcount reductions will affect about 15% of its non-manufacturing workforce, according to an earnings statement on Wednesday.
The lithium miner also implemented a new operating structure effective November 1 to increase agility, deliver cost savings and maintain long-term competitiveness, the statement said.
Together, these efforts will likely save about $300 million to $400 million for the Charlotte, North Carolina-based firm. Additional measures that saved $100 million were rolled out this year, according to the statement.
Albemarle expects capital expenditures for 2025 to be between $800 million and $900 million, with the majority going to “sustaining existing assets and resources and the remainder allocated to select growth projects and high-return, quick payback improvements,” it said in the statement.
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