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American industrial giant DuPont is set to acquire Rogers Corporation for $5.2 billion to boost its EV, ADAS, and clean energy products.
Rogers, which produces advanced electronic and elastomeric materials for a range of industries including electric vehicles, will be absorbed into DuPont’s Electronics & Industrial business unit.
“We are sharpening our focus on high-growth, high-value opportunities in sectors with steady long-term secular growth trends where our global innovation leadership enables a competitive advantage,” says Ed Breen, Executive Chairman and Chief Executive Officer of DuPont.
“Moving forward, our portfolio will be centred on key pillars – electronics, water, protection, industrial technologies and next-generation automotive.”
Rogers currently holds more than 3,500 employs across 14 manufacturing sites in North America, Europe, and Asia, as well as its Chandler, AZ headquarters.
“Building on our recent acquisition of Laird Performance Materials,” continues Breen, “the acquisition of Rogers further cements our position as the leading electronic solutions provider in the industry.
“We are building an unmatched portfolio that is ideally positioned to capitalize on rapid demand acceleration in high-growth markets, including electric vehicles, ADAS, 5G telecommunications and clean energy. With industry-leading positions in each of its product categories, a proven history of application engineering excellence and deep customer relationships, Rogers is highly complementary to and aligned strategically with our existing Electronics & Industrial business and is expected to deliver compelling returns over the near and long-term.”
“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,” says Bruce D. Hoechner, Rogers’ President and 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.”
This news should be exciting for existing DuPont customers, including the Alpine Formula 1 team. Rogers investors will be pleased, as well, as they will receive $277 in cash per share, representing a 33% premium over Rogers’ closing share price on November 1, 2021.