Rogers (ROG) Agrees to Sell Shares of Induflex for $13.6M; Updates Q4 Outlook
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Rogers Corporation (NYSE: ROG) announced today that it has signed an agreement to sell the shares of its Induflex subsidiary to BV Capital Partners.
Under the terms of the agreement, Rogers received approximately $13.6 million at today'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.
Now sees Q4 sales of $88-$92 million and EPS of $0.50-$0.56. The Street is expecting Q4 sales of $110 million and EPS of $0.43.
Rogers Corporation engages in the development, manufacture, and distribution of specialty material-based products and components for original equipment manufacturers and contract manufacturers worldwide.
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