- Rogers ( NYSE: ROG ) announced on Thursday additional actions to streamline operations and cut costs, which would result in a reduction of ~7% of its global workforce.
- With an aim to drive significant improvements in operating margin for 2023, the engineered materials company is divesting a non-core, low-margin, rubber product line in the Elastomeric Material Solutions business unit, optimizing the manufacturing footprint of the Advanced Electronic Solutions’ laminate circuit materials business, and implementing reductions in corporate and manufacturing employee-related expenses, professional service fees and discretionary expenses.
- The divestment will take place by the end of the first quarter of 2023. A primarily non-cash charge of approximately $27M was recorded in the fourth quarter of 2022 related to the transaction.
- The firm is also exiting the Price Road facility in Arizona that resulted in a primarily non-cash charge of ~$40M in the fourth quarter of 2022.
For further details see:
Rogers to reduce ~7% of global workforce