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Rogers Corporation Completes Sale of Moldable Composites Business

26 November 2002

Rogers Corporation has completed the previously announced divestiture of its Moldable Composites Division (MCD), located in Manchester, Connecticut.

On September 20th, Rogers announced its intent to sell MCD to Vyncolit North America Inc., a subsidiary of the Perstorp Group, Sweden. Under the terms of the agreement, Rogers will receive a total of approximately $21 million for the business assets excluding the intellectual property and a 5-year royalty stream from the intellectual property license. Half of the $21 million was paid upon consummation of the transaction and the remainder will be paid over a 5-year period.

As planned, the new owners will continue operating from the Manchester, Connecticut site and will manage the business in combination with an associated operating unit, Vyncolit N.V., located in Belgium, a part of the Perstorp Engineering Materials business area.