Rogers Corp. has acquired from 3M Company its 50% interest in Durel Corp., a joint venture of Rogers and 3M, for $26 million in cash.
The operations and revenues of Durel will become fully integrated and consolidated into Rogers, a Rogers, Conn., supplier of specialty materials for wireless communications and computer applications. The new business unit will be called the Durel Division and its financial and operating results will be included as part of Rogers' Polymer Materials and Components business segment. Rogers expects the acquisition to be accretive to earnings.
Durel was formed as a 50/50 joint venture between Rogers and 3M, Minneapolis-St. Paul, in 1988. Durel is considered the largest global supplier of electroluminescent lamps used in backlighting applications. Year-to-date revenue for Durel through August was $44 million.