05:35 PM EDT, 06/06/2024 (MT Newswires) -- Rogers (ROG) said Thursday it plans to stop advanced circuit materials manufacturing and related activities at its factory in Evergem, Belgium, by mid-2025.

The move will cost $18 million to $28 million in severance payments and related shutdown expenses, while operating profit is expected to increase $7 million to $9 million annually, the company said.

Advanced circuit material customers will be supported through existing China and US operations, the company said.

Shares of the company fell 2.2% in recent after-hours activity.

Price: 118.21, Change: -2.69, Percent Change: -2.22