-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ap116256ZT+8UvZQMejcX9c7ZLtkYBpgFevMLRi4LeEx76eg9507U0vx/nQN7zNd AoTp0V6pp1eDnCFHpbgZ0Q== 0001157523-09-000772.txt : 20090203 0001157523-09-000772.hdr.sgml : 20090203 20090203161103 ACCESSION NUMBER: 0001157523-09-000772 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090130 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090203 DATE AS OF CHANGE: 20090203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROGERS CORP CENTRAL INDEX KEY: 0000084748 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 060513860 STATE OF INCORPORATION: MA FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04347 FILM NUMBER: 09565140 BUSINESS ADDRESS: STREET 1: P.O. BOX 188 STREET 2: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263-0188 BUSINESS PHONE: 860-779-5756 MAIL ADDRESS: STREET 1: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263 8-K 1 a5887393.htm ROGERS CORPORATION 8-K



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):
January 30, 2009

ROGERS CORPORATION
(Exact name of Registrant as specified in Charter)

Massachusetts

1-4347

06-0513860

(State or Other Jurisdiction of

Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)


One Technology Drive, P.O. Box 188, Rogers, Connecticut 06263-0188

(Address of Principal Executive Offices and Zip Code)


(860) 774-9605
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.05    Costs Associated with Exit or Disposal Activities.

          On January 30, 2009, Rogers Corporation (the “Company”) committed to a cost reduction initiative that includes a workforce reduction that combines both voluntary and involuntary terminations and will affect about 10% of its salaried staffing worldwide.  In addition to the workforce reduction, the Company is freezing salaries, and significantly reducing other operating and overhead expenses.  Together these planned actions will reduce Rogers’ total expenses on an annualized basis by approximately $27 million.

          The total cash severance charge of this cost reduction initiative is expected to be approximately $2.5 million. The Company is currently assessing the impact of the related severance costs on the first quarter 2009 earnings in accordance with Statement of Financial Accounting Standards (SFAS) No. 146, Accounting for Costs Associated with Exit or Disposal Activities, and SFAS No. 112, Employers' Accounting for Postretirement Benefits, and will provide this information when it is available.

          A copy of the press release issued by the Company issued on February 3, 2009 announcing the cost reduction initiative is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item  9.01    Financial Statements and Exhibits

(d)  Exhibits.

     Exhibit No.              Description

                  99.1              Press release, dated February 3, 2009, issued by Rogers Corporation.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


ROGERS CORPORATION

 

 

 

 

By:

   /s/ Dennis M. Loughran

 

Dennis M. Loughran

 

Vice President, Finance and

 

Chief Financial Officer

 

Date:

February 3, 2009

EX-99.1 2 a5887393ex99_1.htm EXHIBIT 99.1

Exhibit 99.1

Rogers Corporation Announces Cost Reduction Initiative

ROGERS, Conn.--(BUSINESS WIRE)--February 3, 2009--Rogers Corporation (NYSE:ROG) today announced a cost reduction initiative that includes a workforce reduction that combines both voluntary and involuntary terminations and will effect about 10% of its salaried staffing worldwide. In addition to the workforce reduction, the Company is freezing salaries, and significantly reducing other operating and overhead expenses. Together these planned actions will reduce Rogers’ total expenses on an annualized basis by approximately $27 million. The Company estimates that it will incur a one-time charge associated with the workforce reduction of approximately $2.5 million in the first quarter of 2009.

In recent months, Rogers has experienced weaker-than-expected sales, which is pressuring earnings performance. Combined with the outlook for continued difficult economic conditions well into 2009, the Company is adjusting its operations to reflect the anticipated lower sales in 2009.

“These were difficult and painful decisions, but necessary to maintain Rogers’ profitability and competitiveness over the long-term. During these challenging times, our three priorities are preserving cash, restructuring the Company to remain profitable at a lower sales level, and accelerating new product development while preparing ourselves to seize the opportunities when growth resumes. Rogers has a strong balance sheet with no debt and is well prepared for these difficult times,” said Robert D. Wachob, President and CEO of Rogers Corporation.

The Company plans to report fourth quarter and year-end 2008 results and to provide guidance for the first quarter 2009 on February 18, 2009.

Rogers Corporation (NYSE:ROG), headquartered in Rogers, CT, is a global technology leader in the development and manufacture of high performance, specialty-material-based products for a variety of applications in diverse markets including: portable communications, communications infrastructure, computer and office equipment, consumer products, ground transportation, aerospace and defense. Rogers operates manufacturing facilities in the United States (Arizona, Connecticut and Illinois), Europe (Ghent, Belgium) and Asia (Suzhou, China). In Asia, the Company maintains sales offices in Japan, China, Taiwan, Korea, India and Singapore. Rogers has joint ventures in Japan and China with INOAC Corporation, in Taiwan with Chang Chun Plastics Co., Ltd. and in the U.S. with Mitsui Chemicals, Inc.

The world runs better with Rogers. ® www.rogerscorp.com


Safe Harbor Statement

Statements in this news release that are not strictly historical may be deemed to be “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and are subject to the many uncertainties that exist in the Company’s operations and environment. These uncertainties, which include economic conditions, market demand and pricing, competitive and cost factors, rapid technological change, new product introductions, legal proceedings, and the like, are incorporated by reference in the Rogers Corporation 2007 Form 10-K filed with the Securities and Exchange Commission. Such factors could cause actual results to differ materially from those in the forward-looking statements. All information in this press release is as of February 3, 2009 and Rogers undertakes no duty to update this information unless required by law.

CONTACT:
Rogers Corporation
Investor Contact:
William J. Tryon, 860-779-4037
Manager of Investor and Public Relations
FAX: 860-779-5509
william.tryon@rogerscorporation.com

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