Materials supplier Rogers Corp. posted record sales again in 2016, as the firm's annual profit improved as well.
Rogers, Conn.-based Rogers rang up sales of $656.3 million for full-year 2016, up more than 2 percent vs. 2015. The firm's profit increased more than 4 percent to almost $48.3 million.
Rogers is a maker of urethane foams, fluoropolymer laminates and thermoplastic circuit materials. Sales from Elastomeric Material Solutions were up for the firm in the fourth quarter, officials said in a news release, because of higher demand for portable electronics, automotive and general industrial applications.
That unit's sales also were up because of Rogers' late-year acquisition of film and tape maker DeWAL Industries Inc. of Narragansett, R.I. DeWAL makes high-performance polymer films and pressure-sensitive tapes based on fluoropolymers and ultra-high molecular weight polyethylene. The company has annual sales of about $50 million.
In January, Rogers acquired Diversified Silicone Products Inc., a maker of silicone profiles and sponge products based in Santa Fe Springs, Calif. DSP has annual sales of about $70 million.
In addition to the acquisitions, Rogers in 2016 “launched a number of innovative, new technologies for rapidly evolving markets,” president and CEO Bruce Hoechner said in a news release. “We look forward to building upon this momentum in 2017, and we expect to deliver another year of strong results and strategic execution,” he added.
Rogers is in the process of relocating its headquarters from Rogers to Chandler, Ariz., in an effort to build its presence in that state. The firm still will maintain operations in Connecticut, where it was founded in 1832. Rogers' Connectivity Solutions unit has been manufacturing in Arizona for more than 50 years.
Rogers' per-share stock price enjoyed a solid year during 2016, starting the year near $52 but finishing near $77. The price was near $86 in early trading March 2.