Mayor Cicilline, Umicore Announce 20 Million Dollar Expansion with 100 New Jobs Planned

Belgian-based manufacturing firm commits to staying in Providence

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PROVIDENCE (October 15, 2010) Mayor David N. Cicilline and Umicore CEO Marc Grynberg announced Umicore's intention to invest $20 million at its Providence manufacturing facility which would create over 100 new manufacturing jobs. Umicore, a Belgian-based global leader in the production of thin film-coating technology, had considered moving its Providence operations to Oklahoma.

"I'm thrilled that Umicore has chosen to stay in Providence and make a substantial investment in this facility," said Mayor Cicilline. "This is about supporting businesses and giving them the tools they need to enhance their operations, create good-paying manufacturing jobs and fuel our economy."

"The investments will cement Umicore's position as a key materials producer for thin film deposition in photovoltaic and display applications and is demonstrating our commitment towards our customers in the photovoltaic and display sectors," said Marc Grynberg, Umicore Chief Executive Officer.

Umicore Thin Film Products develops, manufactures, markets and recycles high-quality evaporation materials and accessories for all metal-based thin film applications. The materials can be found in a variety of electronic products including cell phones, flat screen televisions and laptop computers. As part of the multi-million dollar expansion of its Providence manufacturing facility, Umicore will increase its production capacity which would create 100 new jobs.

Umicore currently leases the facility on Sims Avenue in the Valley section of Providence. The Providence Redevelopment Agency (PRA), with backing from the City, intends to acquire the property currently occupied by Umicore and enter into a lease-purchase agreement with the company. In return, Umicore will rehabilitate the existing building, expand its workforce and act as a catalyst for the entire Promenade Industrial District.

About Umicore
Umicore is a materials technology group. It focuses on application areas where it knows its expertise in materials science, chemistry and metallurgy can make a real difference. Umicore generates approximately 50% of its revenues and spends approximately 80% of its research and development budget in the area of clean technology, such as emission control catalysts, materials for rechargeable batteries and photovoltaics, fuel cells, and precious metals recycling. Umicore's overriding goal of sustainable value creation is based on this ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life.

The Umicore Group is a multi-billion dollar company with industrial operations on all continents and a global customer base. It currently employs approximately 14,300 people.