Rogers Corporation estimates shutdown-related expenses of $18M-$28M

According to a regulatory filing, on June 6, 2024, Rogers Corporation announced the intended cessation of advanced circuit materials manufacturing and related activities at its 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 $18M to $28M, $16M to $18M 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.