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news.Rogers Corporation (Rogers) has signed an agreement with SK Chemicals, a South Korean pharmaceutical and chemical products manufacturer, to acquire SK Utis Co, its high performance polyurethane foam manufacturing unit located in Ansan, South Korea.
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Rogers said that the total purchase price for the intellectual property, technology assets and stock of SK Utis is $29.1m. The agreement calls for Rogers to acquire a 90% majority share of SK Utis from SK Chemicals immediately upon close, and the final 10% share two years later.
During the period of the partnership, Rogers and SK Chemicals will work together to ensure a successful transition of the business for customers and employees.
Rogers plans to bring the business into its High Performance Foams Division, a provider of sealing, cushioning, isolation, and energy management solutions for customers worldwide. The High Performance Foams Division currently has manufacturing locations in Woodstock, Connecticut US, Carol Stream, Illinois US, Bremen, Germany, and, in partnership with the INOAC Corporation of Japan, in Mie and Taketoyo, Japan and Suzhou, China.
Peter Kaczmarek, senior vice president of Rogers, said: “SK Utis has established a solid presence as a solutions provider in several key markets that Rogers is targeting for continued growth, including Mobile Internet Devices, High Definition TV, and other markets requiring high reliability, high performance materials.
“SK Utis also has excellent relationships with some of the fastest growing makers of these products, and the acquisition extends Rogers’ worldwide presence into the dynamic Korean marketplace. We are looking forward to working closely with SK Chemicals to continue and enhance these relationships.”