Rogers Comments on U.S. Department of Commerce Entity List Designation of Huawei and Affiliates
May 21 2019 - 9:00AM
Business Wire
Rogers Corporation (NYSE:ROG) today commented that it has
evaluated the recently issued U.S. Department of Commerce export
control restrictions relating to Huawei Technologies Co. Ltd. and
its affiliates (collectively, “Huawei”) and is implementing
additional compliance processes for sales to Huawei’s fabricators
and converters, which are Rogers’ direct customers. However,
because of the uncertain impact of the new restrictions on Huawei’s
global supply chain, it is unclear how demand for Rogers’ products
may be affected. Accordingly, the Company is unable to determine
what impact, if any, this may have on its financial performance for
the second quarter of 2019. The Company will continue to monitor
these developments and seek to maintain compliance with applicable
laws.
About: Rogers
CorporationRogers Corporation (NYSE:ROG) is a global
leader in engineered materials to power, protect, and connect our
world. With more than 180 years of materials science experience,
Rogers delivers high-performance solutions that enable clean
energy, internet connectivity, and safety and protection
applications, as well as other technologies where reliability is
critical. Rogers delivers Power Electronics Solutions for
energy-efficient motor drives, e-Mobility and renewable energy;
Elastomeric Material Solutions for sealing, vibration management
and impact protection in mobile devices, transportation interiors,
industrial equipment and performance apparel; and Advanced
Connectivity Solutions for wireless infrastructure, automotive
safety and radar systems. Headquartered in Arizona (USA), Rogers
operates manufacturing facilities in the United States, China,
Germany, Belgium, Hungary, and South Korea, with joint ventures and
sales offices worldwide.
Safe Harbor Statement This
release contains forward-looking statements, which concern our
plans, objectives, outlook, goals, strategies, future events,
future net sales or performance, capital expenditures, future
restructuring, plans or intentions relating to expansions, business
trends and other information that is not historical information.
All forward-looking statements are based upon information available
to us on the date of this release and are subject to risks,
uncertainties and other factors, many of which are outside of our
control, which could cause actual results to differ materially from
the results discussed in the forward-looking statements. Risks and
uncertainties that could cause such results to differ include:
failure to capitalize on, volatility within, or other adverse
changes with respect to the Company's growth drivers, including
advanced mobility and advanced connectivity, such as delays in
adoption or implementation of new technologies; uncertain business,
economic and political conditions in the United States and abroad,
particularly in China, South Korea, Germany, Hungary and Belgium,
where we maintain significant manufacturing, sales or
administrative operations; the ongoing trade policy dispute between
the United States and China, as well as adverse changes in trade
policy, tariff regulation or other trade restrictions; changes in
policy related to the specific national security concern of Huawei
as a telecommunications equipment supplier; fluctuations in foreign
currency exchange rates; the results of our research and
development efforts; adverse competitive developments; business
development transactions and related integration considerations,
including failure to realize, or delays in the realization of
anticipated benefits of such transactions; the outcome of ongoing
and future litigation, including our asbestos-related product
liability litigation; inability to obtain raw materials, including
commodities, from single or limited source suppliers in a timely
and cost effective manner; uncertainties with regard to the timing,
expense and cash outlays associated with the termination and
settlement of the Rogers Corporation Defined Benefit Pension Plan;
and changes in laws and regulations applicable to our business. For
additional information about the risks, uncertainties and other
factors that may affect our business, please see our 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 Corporation assumes no responsibility to
update any forward-looking statements contained herein except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190521005561/en/
Investor contact:Steve HaymorePhone: 480.917.6026Email:
investor.relations@rogerscorporation.com
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