DuPont to acquire engineered materials company Rogers Corporation for $5.2bn
DuPont has agreed to acquire Rogers Corporation, a US-based publicly listed engineered materials company, in an all-cash transaction worth around $5.2 billion.
Based in Chandler, Arizona, Rogers Corporation manufactures advanced electronic and elastomeric materials that are used in applications for electric vehicles (EVs)/hybrid electric vehicles (HEVs), automotive safety and radar systems, renewable energy, mobile devices, energy-efficient motor drives, wireless infrastructure, industrial equipment, and others.
The company has manufacturing facilities in the US, Europe, and Asia.
Bruce D. Hoechner — Rogers Corporation President and CEO said: “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 and other key markets.
“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.”
As per the terms of the deal, Rogers Corporation’s shareholders will be offered $277 in cash per share.
Rogers Corporation’s board of directors has approved the agreement with DuPont unanimously and recommends the company’s shareholders to vote in favor of the deal.
After the closing of the deal, Rogers Corporation will be integrated into the electronics and industrial business unit of DuPont.
Ed Breen — DuPont Executive Chairman and CEO said: “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.
“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.”
The deal, which is subject to approval from Rogers Corporation shareholders, regulatory approvals, and other customary closing conditions, is expected to close in Q2 2022.
Last month Rogers Corporation acquired Silicone Engineering Ltd., a UK-based manufacturer of silicone material solutions, for an undisclosed price.