Sociedad Química y Minera de Chile SA (NYSE:SQM) is one of the best chemical stocks to buy, according to billionaires. On June 25, the company commenced a series of layoffs targeting 5% of its workforce in Chile in response to a slump in global prices for battery metals.
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The layoffs in the lithium and fertilizer units are not expected to affect the company’s core operations or production guidance. The company has already confirmed that 25% to 30% of the layoffs will affect general roles, and the rest will affect supervisors in Chile.
The layoffs come on the heels of Sociedad Química y Minera de Chile S.A.’s first-quarter results, which missed estimates. The company has already warned that weak prices would persist through the first half of the year. Lithium prices have already plunged by 90% from the 2022 peak.
Sociedad Química y Minera de Chile SA is a Chilean chemical and mining company that produces and commercializes lithium, iodine, potassium, and specialty fertilizers. Its products are used in various industries, including batteries, pharmaceuticals, agriculture, and industrial applications.
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This article is originally published at Insider Monkey.
