Finnish battery chemicals maker Terrafame is set to cut its workforce on slowing demand for electric vehicles (EVs) and battery materials, joining a growing number of companies adjusting their operations in view of challenging market conditions.
"According to the company's initial estimate, the maximum personnel reduction need would be 75 person-years," the firm said, nearly 10pc of its 826-strong workforce as of the end of last month.
The firm is also looking to shift employees to part-time positions and change job descriptions.
The news is the latest in a series of blows for the Finnish firm, after reporting a 34pc year-on-year fall in battery chemicals sales revenue over the first half of this year. And in April, the firm temporarily halted one of its battery chemicals plants after several weeks of workers strikes.
Terrafame has supply agreements with German cathode active materials producer Umicore, American-French-Italian carmaker Stellantis and French carmaker Renault for high-grade nickel sulphate to be used in EV batteries.
