4 Feb 2004
From Rubber & Plastics news
ROGERS, Conn. (Feb. 3)--Rogers Corp has bought a South Korean maker of fuel tank level-sensing floats, complementing and enhancing Rogers' existing presence in this nitrile-rubber-based business.
Rogers paid about $3.5 million for KF Inc., a Hwasung City, South Korea-based producer of nitrile butadiene rubber floats, through a stock purchase. KF, which generated $3 million in sales last year, will become Rogers' Asian center for prototyping and small volume production.
It also will supply raw materials for floats to a Rogers facility in Suzhou, China, which will become Rogers' primary manufacturing site for its Nitrophyl float business later this year after Rogers moves production there from a plant in South Windham, Conn.
"This acquisition "enhances our presence in the Korean and Asian markets, where currently a significant and growing portion of our float products are shipped," said Walter E. Boomer, Rogers chairman and CEO. Level-sensing floats are used for in auto fuel tanks and as overfill protection in gas barbecue liquid propane tanks, Rogers said.
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