Rogers Stock

Rogers Corporation (Rogers) designs, develops, manufactures, and sells high-performance and high-reliability engineered materials and components to meet the company's customers' demanding challenges.

Segments

The company operates through two strategic operating segments: AES and EMS. The company's remaining operations, which represent its non-core businesses, are reported in the company's Other operating segment.

Advanced Electronics Solutions (AES)

The company's AES operating segment designs, develops, manufactures and sells circuit materials, ceramic substrate materials, busbars and cooling solutions for applications in EV/HEV, automotive (e.g, ADAS (advanced driver assistance systems)), aerospace and defense (e.g., antenna systems, communication systems and phased array radar systems), renewable energy (e.g., wind and solar), wireless infrastructure (e.g., power amplifiers, antennas and small cells), mass transit, industrial (e.g., variable frequency drives), connected devices (e.g., mobile internet devices and thermal solutions) and wired infrastructure (e.g., computing and internet protocol infrastructure) markets.

AES products are sold globally to converters, fabricators, distributors and OEMs. Trade names for the company's AES products include curamik, ROLINX, RO4000 Series, RO3000 Series, RT/duroid, CLTE Series, TMM, AD Series, DiClad Series, CuClad Series, Kappa, COOLSPAN, TC Series, IsoClad Series, MAGTREX, IM Series, 2929 Bondply, SpeedWave Prepreg, RO4400/RO4400T Series and Radix. As of December 31, 2023, the company's AES operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Eschenbach, Germany; Evergem, Belgium; Budapest, Hungary; and Suzhou, China.

Elastomeric Material Solutions (EMS)

The company's EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense, footwear and impact mitigation markets; customized silicones used in flex heater and semiconductor thermal applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for EV/HEV, general industrial, automotive and aerospace and defense markets.

EMS products are sold globally to converters, fabricators, distributors and OEMs. Trade names for the company's EMS products include: PORON, BISCO, DeWAL, ARLON, eSorba, XRD, Silicone Engineering and R/bak. As of December 31, 2023, the company's EMS operating segment had manufacturing and administrative facilities in Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Evergem, Belgium; Blackburn, England; Siheung, South Korea; and Suzhou, China.

The company also owns 50% of two unconsolidated joint ventures: RIC, a joint venture established in Japan to design, develop, manufacture and sell PORON products predominantly for the Japanese market; and RIS, a joint venture established in China to design, develop, manufacture and sell PORON products primarily for RIC customers in various Asian countries. INOAC Corporation owns the remaining 50% of both RIC (Rogers Inoac Corporation) and RIS (Rogers Inoac Suzhou Corporation). RIC has manufacturing facilities at the INOAC facilities in Nagoya and Mie, Japan, and RIS has manufacturing facilities at Rogers' facilities in Suzhou, China.

Other

The company's Other operating segment consists of elastomer components for applications in the general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. The company sells its elastomer components under its ENDUR trade name and the company's floats under its NITROPHYL trade name.

Sales

The company sells its materials and components primarily through direct sales channels positioned near major concentrations of the company's customers in North America, Europe, and Asia. The company sold to approximately 3,200 customers worldwide in 2023, primarily consisting of OEMs and component suppliers. No individual customer represented more than 10% of the company's total net sales for 2023; however, there are concentrations of OEM customers in the company's AES operating segment (semiconductor and automotive manufacturers).

The company employs a technical sales and marketing approach pursuant to which the company works collaboratively to provide design engineering, testing, product development and other technical support services to OEMs that incorporate the company's engineered materials and components in their products. Component suppliers convert, modify or otherwise incorporate the company's engineered materials and components into their components for these OEMs in accordance with their specifications. Accordingly, the company provides similar technical support services to component suppliers.

The company derived approximately 22% and 31% of its net sales for the year ended December 31, 2023 from sales relating to the significant growth markets (e.g., EV/HEV) and high growth markets (e.g., ADAS, portable electronics, renewable energy and aerospace and defense), respectively.

The innovation leadership is a key component of the company's overall business strategy. The markets the company serves are typically characterized by rapid technological changes and advances. Accordingly, the success of the company's strategy is in part dependent on its ability to develop market-leading products, which is primarily driven by efforts in R&D. The company is focused on identifying technologies and innovations related to both the company's product portfolio, as well as initiatives targeted at further diversifying and growing the company's business. As part of this technology commitment, the company has a Rogers Innovation Center co-located at Northeastern University in Burlington, Massachusetts, as well as Rogers Innovation Centers at the company's facilities in Chandler, Arizona; Eschenbach, Germany; and Suzhou, China. The company's Innovation Centers focus on early stages of technical and commercial development of new high-tech materials solutions in an effort to align with market direction and needs.

History

Rogers Corporation was founded in 1832. The company was incorporated in 1927.