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Rogers Corporation (NYSE: ROG) has appointed two independent directors, Anne K. Roby and Armand F. Lauzon, Jr., to its Board following an agreement with Starboard Value LP, which owns approximately 6.5% of the company's stock. This move aims to strengthen board composition in line with shareholder interests. Peter Wallace, Chair of the Board, expressed confidence that these additions will enhance Rogers' strategic execution and growth. The new board will consist of nine members, with eight being independent. The adjustments follow constructive discussions with Starboard, which will withdraw its previous director nominations as part of the agreement.
Entegris has successfully completed its acquisition of CMC Materials for approximately $5.7 billion, which includes $3.8 billion in cash to CMC shareholders and a significant debt retirement. This acquisition is set to enhance Entegris' position as a leader in electronic materials for the semiconductor market, increasing unit-driven revenue from 70% to 80%. Entegris aims to achieve $75 million in run-rate cost synergies and $40 million in CapEx synergies within the next 18 months. The integration of CMC Materials is expected to unlock substantial growth and innovation opportunities.
Entegris has received antitrust clearance from China's State Administration for Market Regulation for its acquisition of CMC Materials, with expectations to close the transaction around
CMC Materials reported record revenue of $324.1 million for Q2 FY2022, marking an increase of 11.6% year-over-year and 2.2% sequentially. Electronic Materials revenue reached $274.5 million, growing 13.2% year-over-year. Net income surged to $34.6 million from a loss of $149.8 million last year. Adjusted net income was $56.4 million, and adjusted EBITDA stood at $96.3 million, up 13.6%. The company reaffirms its full-year adjusted EBITDA guidance of $355 million to $385 million.
TricorBraun has appointed Scott Beamer as Chief Financial Officer, replacing Declan McCarthy, who is now President of TricorBraun Europe. Beamer brings nearly a decade of CFO experience, previously serving at CMC Materials (NASDAQ: CCMP), where he drove significant financial leadership. McCarthy transitions to focus on expanding the company's European operations after overseeing growth as CFO. Both leaders will contribute to TricorBraun's strategic objectives under CEO Court Carruthers, who highlighted the importance of these roles as the company continues its growth trajectory.
CMC Materials (Nasdaq: CCMP) announced the earnings release timing for Q2 FY 2022, ending March 31, 2022. The results will be available after market close on May 4, 2022, on the company’s Investor Relations webpage. Due to a pending transaction with Entegris, Inc., no conference call will follow the earnings release. CMC Materials is a global supplier to semiconductor manufacturers, providing essential materials for advanced device production.
CMC Materials, Inc. (Nasdaq: CCMP) has declared a quarterly cash dividend of $0.46 per share, payable on or about April 22, 2022 to shareholders of record by March 23, 2022. The company, based in Aurora, Illinois, is a leading global supplier of materials for semiconductor manufacturers, providing critical products for smaller and more complex devices. CMC Materials is dedicated to delivering innovative solutions to its customers and employs approximately 2,200 people worldwide.
CMC Materials, Inc. (Nasdaq: CCMP) has received stockholder approval for its merger with Entegris, Inc. (Nasdaq: ENTG) in a deal valued at approximately $6.5 billion. About 84% of the outstanding shares voted in favor of the merger during the special meeting. The transaction is anticipated to close in the second half of 2022, pending customary conditions. CMC Materials specializes in consumable materials for semiconductor manufacturers and aims to enhance market presence through this merger.
CMC Materials, Inc. (Nasdaq: CCMP) announced the conclusion of a U.S. Presidential review, confirming the favorable Final Determination in its ITC case against DuPont. The ITC found DuPont unlawfully importing and selling CMP slurries infringing on CMC's patent. As a result, CBP will halt the importation of DuPont's infringing products until 2035. This ruling enhances CMC's market position and protects its intellectual property, crucial for its semiconductor materials business.
CMC Materials reported a record revenue of $317.0 million for Q1 fiscal 2022, marking a 10.1% year-over-year increase and a 1.6% sequential rise. The Electronic Materials segment drove growth with $267.7 million in sales, a 13.0% increase year-over-year, while the Performance Materials segment saw a 3.3% decline. Gross margin decreased to 39.7%, impacted by rising raw material costs. Adjusted net income was $59.4 million, up 4.6% from last year, despite a $9.4 million impairment charge and other costs. Guidance for Q2 projects flat to low single-digit revenue growth.
