03 October 2002
03 October 2002
Rogers Corporation has signed an agreement to sell the assets of its Moldable Composites Division (MCD) located in Manchester, Connecticut to Vyncolit North America, Inc., a subsidiary of the Perstorp Group, Sweden.
Under the terms of the agreement, Rogers will receive approximately $21 million for the business assets excluding the intellectual property and a 5-year royalty stream from the intellectual property license. The sale is expected to be completed within the next six weeks.
The new owners plan to 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.
Rogers President and Chief Operating Officer, Robert D. Wachob said, ""Vyncolit was our longtime licensee for phenolic molding compounds in Europe and we have a long history of working closely together. The Perstorp Group provides a better strategic fit for this business. With engineered phenolic materials operations in both the U.S. and Europe, they are well positioned globally to serve the worldwide automotive industry and successfully grow this business in the future."" Wachob further stated, ""The sale of this non-core business reflects the continuing implementation of our strategy to more sharply focus our resources on the growth opportunities that more closely match our key strengths in polymers, fillers, and adhesion."" Rogers expects the sale to have no material impact on its Net Income. Vyncolit's President, Henny van Dyk, said, ""This acquisition strengthens our market and growth prospects in one of Perstorp's core businesses."" van Dyk will relocate to Connecticut and be responsible for both the European and U.S. operations.
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