CHANDLER, Ariz. - Rogers Corporation (NYSE:ROG), a global leader in engineered materials for various high-tech markets, has announced the signing of a lease for a new manufacturing facility in Monterrey, Mexico. The facility is set to advance the company's production of ROLINX® busbars, components critical for power distribution in electric and hybrid-electric vehicles (EV/HEV), renewable energy systems, and other industrial applications.
The Monterrey factory marks a strategic expansion aimed at enhancing Rogers Corporation's North American manufacturing capabilities. Scheduled for completion in late 2024, the facility is a part of the company's ongoing efforts to align its operations with regional customer needs and to support the growing demand for EV/HEV and renewable energy solutions in North America.
Jeff Tsao, Advanced Electronic Solutions (AES (NYSE:AES)) Senior Vice President and General Manager at Rogers, emphasized the strategic importance of the new site, stating that the Monterrey factory will enable the company to offer improved service levels through local prototyping and supply capabilities, reducing lead times and fostering deeper technical collaboration with customers.
The company, headquartered in Chandler, Arizona, operates manufacturing sites across the United States, Asia, and Europe, and maintains a network of sales offices globally. Rogers Corporation's materials are integral to a variety of applications, including automotive safety systems, mobile devices, wireless infrastructure, and energy-efficient industrial equipment.
The information provided in this article is based on a press release statement from Rogers Corporation.
InvestingPro Insights
As Rogers Corporation (NYSE:ROG) gears up for the opening of its new manufacturing facility in Monterrey, Mexico, to meet the burgeoning demand in the EV/HEV and renewable energy sectors, the company's financial health and market performance offer additional insights for investors. With a market capitalization of 2.16 billion USD and a price to book ratio over the last twelve months as of Q3 2023 standing at 1.79, Rogers Corporation appears to be maintaining a solid financial foundation.
InvestingPro Tips suggest that Rogers Corporation is trading at a low P/E ratio relative to near-term earnings growth, with a P/E ratio (adjusted) for the last twelve months as of Q3 2023 at 37.38, and a PEG ratio indicating potential undervaluation based on earnings growth, at 0.53 for the same period. These metrics could be appealing to value-oriented investors looking for growth potential.
Additionally, the company has been recognized for having liquid assets that exceed short-term obligations, providing a buffer for operational flexibility. This financial stability is crucial as the company expands its manufacturing presence in North America. With analysts predicting profitability for the current year and the company having been profitable over the last twelve months, Rogers Corporation stands out as a potentially strong player in its market segment.
For investors seeking a deeper dive into Rogers Corporation's performance and future prospects, InvestingPro offers a range of additional tips, with a total of 7 tips available to guide investment decisions. To explore these insights further, visit https://www.investing.com/pro/ROG and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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