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Park Electrochemical Corp. Announces Closure Of Park Advanced Composite Materials, Inc. Facility In Waterbury, Connecticut

Stocks in this article: PKE

Brian Shore, Park’s President and CEO, said, “Our plan, for the last two years or so, has been to transfer all of the Company’s aerospace manufacturing, design and development activities from our PACM facility in Waterbury, Connecticut and our PASC facility in Lynnwood, Washington to our new PATC aerospace composite materials and parts manufacturing, development and design facility located at the Newton, Kansas Airport. This plan has been well known by our employees, customers and investors. We recently completed the transfer of all aerospace composite parts manufacturing from our PASC facility to our PATC facility, and our PASC facility has been closed. Over the last two years, we have attempted to develop enough non-aerospace composites materials business (we call it “specialty business”) for our PACM Waterbury, Connecticut facility in order to sustain our PACM facility after the aerospace composite materials business has been transferred from PACM to PATC in Kansas. Unfortunately, we have not been successful in developing enough specialty business to sustain PACM as a viable operation and to allow PACM to remain open. We therefore will close our PACM facility after completing the transfer of the aerospace composite materials business to PATC at the end of April of this year. We intend to offer to service and fully support all of our existing PACM customers, including non-aerospace or specialty customers, from our PATC facility in the future. We will be contacting all of our PACM customers, including our non-aerospace or specialty customers, directly to discuss this with them.”

Brian Shore concluded “Lastly, to our PACM employees, I would like to thank you publicly for your years of service to the company. I hope you will consider applying for relocation to Newton, Kansas. Of course, I will come to Waterbury to see you personally in the near future. I look forward to seeing each of you soon.”

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