Rogers Corp announces restructuring: divests rubber line, exits AZ facility, cuts 7% workforce

ROGERS CORP

Divesting a non-core rubber product line in Elastomeric Materials by Q1 2023; non-cash charge of ~$27M in Q4 2022.
Exiting Price Road facility in Arizona (Advanced Electronic Solutions); non-cash charge of ~$40M in Q4 2022.
Reducing global workforce by ~7% along with cuts to professional service fees and discretionary spending.
Product line revenue was ~$18M in 2022; combined actions aim to improve operating margin in 2023.

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