Rogers Corporation has signed an agreement to sell the assets of its Mouldable Composites Division (MCD) located in Manchester, CT to Vyncolit North America, a subsidiary of the Swedish Perstorp Group.
The MC division is a producer of thermoset moulding compounds, primarily for electrical and automotive applications. It has annual sales of $35 million and about 150 employees.
It is expected that Rogers will receive a total amount of approximately $40 million for the business, of which about 10 million will be paid on completion and the rest over a five year period. The sale should be completed within the next six to eight weeks.
The mouldable composites division will become part of Perstorp’s engineering materials division. It will be managed in combination with Perstorp’s Belgian subsidiary Vycolit NV; both units will be headed from the US by Henny van Dijk, the president of Vyncolit.