SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) September 20th, 2002
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Rogers Corporation
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(exact name of registrant as specified in its charter)
Massachusetts 1-4347 06-0513860
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
P.O. BOX 188, One Technology Drive, Rogers Connecticut 06263-0188
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(Address of principal executive offices)
Registrant's telephone number, including area code: (860) 774-9605
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Item 5. Other events.
Rogers Corporation announced today the signing of an agreement to sell the
assets of its Moldable Composites Business and an agreement to license the
associated intellectual property.
A copy of the press release issued by the Company announcing the sale and
licensing agreement is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 7 Financial Statements and Exhibits.
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(c) Exhibits.
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99.1 Press Release dated September 20, 2002 issued by Rogers Corporation.
SIGNATURE
Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
ROGERS CORPORATION
(Registrant)
Dated: September 20, 2002 /s/ James M. Rutledge
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James M. Rutledge,
Vice President, Finance and
Chief Financial Officer
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Exhibit 99.1
News Release
Rogers Corporation One Technology Dr. / P.O. BOX 188 / Rogers CT
06263-0188 Phone 860-774-9605
Rogers Corporation Sells Moldable Composites Business
ROGERS, Conn.--Sept. 20, 2002--Rogers Corporation (NYSE: ROG) announced
today that it 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.
Vyncolit North America, Inc. and Vyncolit N.V. based in Belgium,
are members of the Perstorp AB group. Vynocolit is a premier
manufacturer of engineered phenolic compounds. Perstorp AB is a
European based world leader in the specialty chemicals market with
facilities located world-wide.
Rogers Corporation, headquartered in Rogers, CT, U.S.A., develops and
manufactures high performance specialty materials focusing on the wireless
communications and computer markets. Rogers operates manufacturing facilities in
Connecticut, Arizona, and Illinois in the U.S. and in Ghent, Belgium. Sales
offices are located in Japan, Hong Kong, China, Taiwan, Korea and Singapore.
Rogers has joint ventures in Japan with Inoac Corporation, in Taiwan with Chang
Chun Plastics, and in the U.S. with Mitsui Chemicals and with 3M Corporation.
CONTACT: Rogers Corporation
Debra J. Granger, 860/779-5596
debra.granger@rogerscorporation.com