Printed Circuit Materials
Net sales of Printed Circuit Materials totaled $43.4 million for the third quarter of 2012, an increase of 1.0% from the $43.0 million reported in the third quarter of 2011. There was continued strength in demand for automotive radar safety sensors and antenna applications for communications infrastructure, partially offset by weaker demand in the high reliability market. Additionally, during the quarter, demand increased for printed circuit materials in the telecom base station market in China.
Power Electronics Solutions
Curamik Electronics Solutions reported net sales of $22.1 million for the third quarter of 2012, a decrease of 40.0% compared to the third quarter 2011 record net sales of $36.8 million. Lower net sales at Curamik in the third quarter of 2012 were primarily related to the ongoing slowdown in global capital and infrastructure spending, which negatively impacted demand for industrial motor drives and wind energy applications. The Company believes that these markets will remain at these levels for the near term but the long term outlook remains positive.Power Distribution Systems (PDS) third quarter of 2012 net sales were $9.4 million, a decrease of 16.7% compared to $11.3 million in the third quarter of 2011. The decline in sales was due primarily to continued curtailed spending on infrastructure projects in the mass transit market, primarily in Europe and China. Also, overall sales into the wind and solar energy markets continued to lag. These declines were partially offset by a significant increase in demand for its power distribution products in the automotive market. Joint Ventures Rogers’ 50% owned High Performance Foams joint venture sales totaled $20.0 million this quarter, an increase of 13.0% compared to the $17.7 million sold in the third quarter of 2011. The increase was due to higher demand in the gaming console market as customers prepared for the upcoming holiday season.