Rogers Corporation, a US-based high performance materials company, has issued a press release to announce that they have signed an agreement to acquire SK Utis, the high performance polyurethane foam manufacturing unit of SK Chemicals.
According to the press release, the rationale behind the acquisition is to gain access to key customers.
SK Utis has established a solid presence as a solutions provider in several key markets that Rogers is targeting for continued growth, including Mobile Internet Devices, High Definition TV, and other markets requiring high reliability, high performance materials.
SK Utis also has excellent relationships with some of the fastest growing makers of these products, and the acquisition extends Rogers’ worldwide presence into the dynamic Korean marketplace.
We are looking forward to working closely with SK Chemicals to continue and enhance these relationships.” stated Peter G. Kaczmarek, a Senior Vice President of Rogers Corporation.
The total purchase price for the intellectual property, technology assets and stock of SK Utis Co., Ltd. is USD 29.1 million.
The agreement calls for Rogers to acquire a 90% majority share of SK Utis from SK Chemicals immediately upon close, and the final 10% share two years later.
During the period of the partnership, Rogers and SK Chemicals will work together to ensure a successful transition of the business for customers and employees.
The press release continues -
Rogers plans to bring the business into its High Performance Foams Division, a world leader in sealing, cushioning, isolation, and energy management solutions for customers worldwide.
SK Utis Co., Ltd., established in 2005, has quickly grown into a high-quality supplier of polyurethane foam solutions for portable communications, entertainment, and industrial applications to leading Korea-based OEMs. Sales in 2009 were approximately USD 12 million.
Rogers has targeted its High Performance Foams Division for continued strategic investment to increase its global leadership in sealing, cushioning, isolation, and energy management solutions for customers who require innovative materials, ease of design, and reliable end-use performance.
(Source: Rogers Corporation’s website)
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