Rogers has a production site in DuPont’s backyard in Bear, DE.
The transaction represents a 33% premium over Rogers’ closing share price on November 1. Despite the high multiple paid for Rogers, investors appeared to like the deal with DuPont shares up nearly 9% in Tuesday trading.
Following the closing of the transaction, Rogers will be integrated into DuPont’s Electronics & Industrial business unit.
The acquisition is the biggest for DuPont under Breen, whose focus has been on spinning off or selling operations that included its food ingredients business. Further business unit sales are expected.
“Rogers is a recognized global leader in advanced materials solutions, and this combination with DuPont will help accelerate our long-term growth in EV/HEV, ADAS (electric and hybrid vehicle systems and driver assistance) and other key markets,” stated Bruce D. Hoechner, Rogers’ CEO. “The Rogers’ team has created a growth-focused organization built on a foundation of strong technology leadership and customer intimacy. Our combination with DuPont, a proven leader in technology-based materials, provides resources and support to allow Rogers to scale for success. Rogers is a natural fit with DuPont, and this combination will create an exciting next chapter for Rogers’ customers, employees, and partners.”
“Rogers is a results-driven organization with excellent technical expertise and deep customer relationships that align well with DuPont’s leading innovation and applied material science capabilities,” said Ed Breen, DuPont CEO. “The combination of Rogers with our Electronics & Industrial business further strengthens our market-leading portfolio and ability to bring new solutions to exciting end markets. We look forward to welcoming Rogers’ employees and working together to deliver essential innovations that help our customers and company grow.”
Rogers’ advanced electronic and elastomeric materials are used in applications for hybrid-electric vehicles, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, and industrial equipment.
Rogers operates manufacturing facilities in the United States, Asia, and Europe, with sales offices worldwide. Rogers is based in Chandler, AZ, a Phoenix suburb.