Boston, MA — October 31, 2008 — Covington Associates announced it initiated the sale of Rogers Induflex NV to BV Capital Partners on behalf of Rogers Corporation.
Rogers Corporation's Induflex subsidiary, located in Ghent, Belgium, specializes in the manufacture of multi-layer tapes and flexible foil laminates.
BV Capital Partners is an investment holding firm investing in small and medium sized enterprises in the Benelux. BV Capital Partners' strategy is to invest in "leading companies in niche markets".
Under the terms of the agreement, Rogers received approximately 10.7 million euros (US$13.6 million at the closing day's spot price), which represents the purchase price of approximately 8.9 million euros plus other amounts due under the agreement. In addition to this purchase price, there is an opportunity for Rogers to receive additional earnout amounts over the next three years based on the future performance of the divested business.
The closing was completed at the time of the signing and therefore the sale is effective immediately. The new owners plan to continue operating the business from the Ghent, Belgium site.
Rogers President and Chief Executive Officer, Robert D. Wachob said, "The sale of this business reflects our continuing strategy to look for opportunities to divest non-core businesses while we work to grow our strategic businesses through either greenfield startups or acquisitions."
Joel Ludvigsen, the new Chief Executive Officer of Induflex said, "We are very pleased with this acquisition. Induflex is the global leader in its niche markets. We have the utmost confidence in the Induflex team to continue to deliver products with the highest quality, flexibility and reliability to our customers around the globe."
About Rogers Corporation
Rogers Corporation (NYSE:ROG), headquartered in Rogers, CT, is a global technology leader in the development and manufacture of high performance, specialty-material-based products for a variety of applications in diverse markets including: portable communications, communications infrastructure, computer and office equipment, consumer products, ground transportation, aerospace and defense. Rogers operates manufacturing facilities in the United States (Arizona, Connecticut and Illinois), Europe (Ghent, Belgium) and Asia (Suzhou, China). In Asia, the Company maintains sales offices in Japan, China, Taiwan, Korea and Singapore. Rogers has joint ventures in Japan and China with INOAC Corporation, in Taiwan with Chang Chun Plastics Co., Ltd. and in the U.S. with Mitsui Chemicals, Inc.
To learn more about Rogers Corporation, please visit www.rogerscorp.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1billion for both private and publicly traded companies.
To learn more about Covington Associates, please visit www.covingtonassociates.com.
Company Contact
Covington Associates LLC
[617] 314-3950
info@covingtonassociates.com
