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2001, May 11
Taconic Advanced Dielectric Business Acquisition by Rogers No Longer
Anticipated
Petersburgh, NY, May 11, 2001
Company Announcement
PETERSBURGH, NEW YORK - Today, Taconic CEO Andrew Russell announced
that the closing of the acquisition of Taconic by Rogers, which the parties had
hoped would occur around the end of April, has not occurred. The parties have
encountered important differences over their understanding of key terms in
their agreement, and at this point it is not anticipated that the acquisition will
be completed. Accordingly, Taconic will continue to carry on business
independently as the world's leading supplier of fluoropolymer
microwave laminates.
In making the announcement, Mr. Russell stated, "Taconic recognizes the
importance of providing exquisite service to its customers. To that end, we
felt it important to notify our customers, employees, suppliers and local
community of the status of this acquisition. Furthermore, we understand the
importance of moving forward with our strategic plan. Part of this plan
included the expansion of our U.S. Operation, which is now successfully
operational and comprises the addition of a new press, Class 10,000
Cleanroom and related auxiliary equipment. This expansion assures Taconic's
capability to meet and exceed customer needs. Taconic also continues to
develop new products that allow our customers to capitalize on emerging
opportunities."
James O'Keefe, Taconic President, added, "Taconic is an established leader in
its industry. It was the first to provide customers with real-time access to order
information via the World Wide Web and to develop Long Laminate
technology. Other industry firsts include the establishment of European
Manufacturing Operations, and the development of economical Teflon®
laminate materials via its TLC product line." Mr. Russell concluded by saying,
"We are fortunate to maintain many close customer ties, an advantageous
product portfolio, as well as a dedicated, skilled and efficient work force. We
will continue to rely on these attributes to remain competitive in an industry
that is synonymous with the entrepreneurial spirit that Taconic has come to
represent."
Taconic, a manufacturer of PTFE coated fiberglass since 1961, is a
multinational manufacturer and marketer of engineered products for
demanding specialty applications. Taconic products serve the Wireless
Communication, Aerospace, Automotive, Chemical, Food, Medical and Textile
Industries, encapsulating a broad spectrum of available substrate materials
with PTFE, fluoropolymer based and/or elastomer materials.
***
Teflon® is a Registered Trade Mark of the Dupont Corporation.
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