Amendment: Rogers Corporation filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities
$ROG
Major Chemicals
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 6, 2024
(Exact name of registrant as specified in its charter)
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(480 ) 917-6000
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Explanatory Note
This Amendment No. 1 to Current Report on Form 8-K amends the Current Report on Form 8-K filed by Rogers Corporation (“Rogers” or the “Company”) with the Securities and Exchange Commission (the “SEC”) on June 6, 2024 (the “Original Report”) and is being filed solely to amend and supplement the Company’s disclosure contained in Item 2.05 of the Original Report. The Original Report otherwise remains unchanged.
Item 2.05 Costs Associated with Exit or Disposal Activities.
As previously reported, on June 6, 2024, the Company announced the intended cessation of advanced circuit materials manufacturing and related activities at its facility (the “Facility”) in Evergem, Belgium to help optimize the Company’s production costs across its global operations.
At the time of the Original Report, the Company was not able to make a good faith estimate of the employee severance costs it would incur in connection with the cessation of activity at the Facility. The Company now estimates that of the total anticipated shutdown-related expenses previously estimated in the range of $18 to 28 million, $16 to $18 million is expected to comprise employee severance costs, with the balance comprising non-cash accelerated depreciation of fixed asset costs and other shutdown-related cash costs. The Company expects that the bulk of the cash outflows will occur during fiscal year 2025.
The estimates of the charges and expenditures that the Company expects to incur in connection with the cessation of activities at the Facility, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur.
Forward-Looking Statements Disclosure
This Current Report on Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements included in this Current Report on Form 8-K that are not a description of historical facts are forward-looking statements. Words or phrases such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “seek,” “plan,” “expect,” “should,” “would” or similar expressions are intended to identify forward-looking statements and are based on Rogers’ current beliefs and expectations. All forward-looking statements are based upon information available to the Company on the date of this Current Report on Form 8-K and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from those indicated by the forward-looking statements. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on the Company. Readers are cautioned not to place undue reliance on these forward-looking statements and to review the risks as set forth in more detail in the Company’s most recent Annual Report on Form 10-K and any subsequent reports filed with the Securities and Exchange Commission, including Quarterly Reports on Form 10-Q. Rogers assumes no responsibility to update any forward-looking statements contained herein except as required by law.
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 | |||||||||||||||||||||||
(Registrant) | |||||||||||||||||||||||
| Date: July 19, 2024 | By: | /s/ Ramakumar Mayampurath | |||||||||||||||||||||
| Ramakumar Mayampurath | |||||||||||||||||||||||
| Senior Vice President, Chief Financial Officer and Treasurer Principal Financial Officer | |||||||||||||||||||||||