TEMPE, ARIZ. — Rogers Corp.'s molding materials division expanded its range of products and added five process lines — but no facilities — in its recent deal with Cytec Fiberite Inc.
Rogers anticipates moving product assets and equipment from a Delano, Pa., plant within six months and a Winona, Minn., facility within two years, Dirk M. Baars said in a telephone interview. Baars is vice president and general manager of the division in Manchester, Conn.
While the acquisition broadened the division's mix of markets, ``automotive is the fastest growing segment of our business,'' Baars said. Metal-replacement initiatives are important.
Automotive sales now account for about 20 percent of the division's expanded business, down from 25 percent prior to the acquisition.
On Jan. 19, Rogers acquired groups of phenolic- and epoxy-based products and advanced composites, and licensed a group of Cytec Fiberite's toughened epoxy formulations, Baar said. No financial terms were disclosed.
In a separate November transaction, Cytec sold the other portion of its molding compound business and a Perrysburg, Ohio, plant to Bulk Molding Compounds Inc. for $17 million. Collectively, the molding compound lines had annual sales in the mid-$40-million range, Michael Molyneux, Cytec Fiberite president, said during an interview in his Tempe office.
Rogers acquired all of the Pennsylvania site's business and about one-third of the Minnesota operation. Cytec Fiberite, a unit of Cytec Industries Inc. of West Paterson, N.J., did not reveal plans for those plants.
Newly acquired phenolic-based products include long-fiber high-impact materials for molding structural engine parts, mostly for military and aerospace applications. The phenolic composites include brake piston formulations for making disc brakes, and the toughened epoxies for molding opto-electronic components.
The Rogers division probably will add 20 employees, Baars said. Currently, the unit employs about 100 and operates 10 process lines at its 150,000-square-foot Connecticut facility.
Rogers Corp. employs more than 1,000 and had sales of $216.6 million in 1998, up from $189.7 million in 1997.