Rogers Corporation has announced that it will be reducing its workforce by 7% by divesting from some operations and implementing targeted reductions as an effort to streamline its operations.

The company's plans include divesting itself from a non-core, low-margin rubber product line, which generated revenue of about $18 million last year, in its Elastomeric Material Solutions unit. As part of that transaction, which will be completed by March, the company recorded a primarily non-cash charge of about $27 million in the fourth quarter of last year, Rogers said.

The company said it will also optimize the manufacturing footprint of its Advanced Electronic Solutions' laminate circuit materials business, which includes exiting its Price Road facility in Arizona, a move that resulted in a primarily non-cash charge of about $40 million in the final quarter of last year.

Those efforts, along with cost reduction initiatives announced in December, will result in a reduction of about 7% of the company's total workforce and result in a significant reduction in other manufacturing costs and operating expenses, Rogers said.

"As we navigate the current challenging market environment, Rogers remains committed to taking decisive action to lower costs and improve profitability. The actions announced today, coupled with the initiatives we outlined in December, reflect that commitment," said Colin Gouveia, president and CEO of Rogers. "Rogers is extremely well-positioned within key secular growth markets. By making selective investments and actively managing our costs, we expect to deliver both top line growth and improved operating margins as we capitalize on the opportunities ahead of us."