Dupont Buys Rogers For $5.2 Billion

Dupont, a chemicals giant, agreed to buy Rogers, a maker of engineered materials technology, for $5.2 billion. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including approval of Rogers shareholders and receipt of applicable regulatory approvals.

Rogers is an electronic materials company with a market capitalization of nearly $4 billion. Rogers designs, develops, manufactures and markets high performance and high reliability engineering materials and components through its Advanced Electronic Solutions (AES) and Elastic Materials Solutions (EMS) divisions. Rogers, based in Chandler, Ariz., has more than 3,500 employees and 14 manufacturing sites in North America, Europe and Asia, with projected revenue of approximately $950 million in 2021.

As part of the ongoing transformation, DuPont also plans to sell most of its liquidity and materials businesses. The expanded DuPont unit through the Rogers acquisition and the transportation-related businesses to be evaluated together account for about two-thirds of DuPont's net sales, which topped $20bn last year. The moves will expose DuPont to faster-growing, more profitable markets that are more resilient during the economic downturn. In March 2021, DuPont announced the acquisition of Electronic materials company Laird High Performance Materials for $2.3 billion. The deal closed in early July.

"Building on our recent acquisition of Laird High-performance Materials, the acquisition of Rogers further cements our position as the industry's leading electronic solutions provider," said Ed Breen, DuPont Executive Chairman and CEO. We are building an unmatched portfolio of products that are well suited to take advantage of rapid growth in high-demand markets, including electric vehicles, ADAS, 5G communications and clean energy. With industry leadership in each product category, a history of exceptional application engineering and deep customer relationships, Rogers is highly complementary to and aligned with our strategy. Existing electronics and industrial businesses, and are expected to deliver substantial returns in the near and long term."