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Li-Cycle Provides Organizational Structure Update

Li-Cycle Holdings Corp. (LICY) Provides Organizational Structure Update

Li-Cycle to cut 17% of staff amid battery recycling growing pains

Battery recycler Li-Cycle plans to lay off 17% of its staff - including three senior executives - as it pares its ambitious global growth plans in order to save cash and focus on building a crucial processing facility in New York. The cuts, announced on Tuesday, are a tacit acknowledgement by the Toronto-based company that its rapid growth in recent years - with facilities announced across North America, Europe and Asia - was unsustainable given the high costs and technical challenges associated with building what is essentially a new global market for electric vehicle battery recycling. Li-Cycle, which plans to record an $8.3 million severance charge this quarter, will have roughly 200 employees after the cuts.

Li-Cycle Provides Organizational Structure Update

Li-Cycle to transition from regional to centralized management model to increase efficiencies Li-Cycle expected to generate approximately $10 million in cost savings on an annualized basis through.

Li-Cycle Closes $75 Million Strategic Investment from Glencore

Li-Cycle Holdings Corp. , a leading global lithium-ion battery resource recovery company, is pleased to announce that an affiliate of Glencore plc , a leading producer, recycler, and marketer of.