Rogers Acquires Silicone Engineering
Specialty engineered materials company Rogers Corporation (ROG) recently announced the acquisition of Silicone Engineering Ltd., a silicone material solutions manufacturer. The financial terms of the deal have been kept under wraps.
Following the news, shares of the company gained 1.3% to close at $185.51 on Friday.
With this buyout, Rogers will expand its presence in the European region. Further, the company will be able to serve its customers, who require premium silicone solutions for applications in the EV/HEV, Industrial, Medical and other markets, more efficiently.
The CEO of Rogers, Bruce Hoechner, said, “This combination creates a dynamic silicones platform in Rogers that further strengthens our ability to serve our global customers, especially for our core markets. The Silicone Engineering team, products and business model are closely aligned with Rogers, so we expect a seamless integration, and we look forward to maximizing the strategic commercial opportunities this combination affords.” (See Rogers stock chart on TipRanks)
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The stock has a Moderate Buy consensus rating based on 1 Buy. Two months ago, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $260 to $233, which implies upside potential of 25.6% from current levels. The analyst lowered the price target due to supply chain and logistical headwinds. Shares of the company have gained 75.1% over the past year.
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