ROGERS, Conn. (Aug. 4, 2009)—Rogers Corp. has reported sales in its High Performance Foams business, which includes urethane and silicone foams, were down 14.8 percent to $25.4 million in the second quarter of 2009, compared to the same period last year.
Although second quarter sales were lower across many market segments because of the global economic recession, the company reported foam sales in the consumer electronics market segment, including portable handset applications, improved against the previous quarter, as severe supply chain inventory corrections from the first quarter were largely completed.
The integration of the recently acquired MTI Global Inc.'s silicone foam products line is expected to be completed by the end of the year, Rogers said.
Regarding joint ventures, the company said that despite significantly lower sales volumes and a 20.5 percent drop in sales revenue to $23.2 million, operating results were slightly higher than the second quarter of 2008, primarily because of the strong performance of the company's foam joint ventures in China and Japan.
Overall net sales for the company fell to $67,368 million from $92,432 million in the same period of 2008.
Rogers CEO Robert Wachob said he believes “the worst is behind us” and that the company has completed its planned cost-reduction efforts and have dealt with all the known asset impairments.