Rogers' shareholders will receive $277 in cash per share, if two-thirds of them approve the deal and it is passed by regulators. The cash value is 33% more than the price Rogers’ shares closed at on 1 November. It is also 46% more than the average price in the previous month, it said.
Rogers employs more than 3500 people, and has 14 manufacturing sites in North America, Europe and Asia. Its 2021 expected revenues are approximately $950 million.
The transaction is expected to close in the second quarter of 2022, DuPont said, subject to customary closing conditions.
'With today's announcements, we are sharpening our focus on high-growth, high-value opportunities in sectors with steady long-term secular growth trends,' Ed Breen, executive chairman and CEO of DuPont, said in a statement.
The new DuPont emerged as a result of restructuring following Dow's purchase of the original DuPont company, which enabled products to be shared out between the companies.
DuPont said that it plans to leave engineering polymers, and performance resins segments. It also plans to sell its stake in the DuPont Teijin Films joint venture.
Combined, DuPont estimates that if it held these businesses for all of the 2021 financial year these businesses would generate about $4.2bn sales and about $1bn (EBITDA).
DuPont expects the deal to close in the second quarter of 2022.