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.”
Certain portions of this news release may be deemed to constitute forward looking statements that are subject to various factors which could cause actual results to differ materially from Park’s expectation. Such factors include, but are not limited to, general conditions in the electronics and aerospace industries, Park’s competitive position, the status of Park’s relationships with its customers, economic conditions in international markets, the cost and availability of raw materials, transportation and utilities, and the various other factors set forth in Item 1A “Risk Factors” and under the caption “Factors That May Affect Future Results” after Item 7 of Park’s Annual Report on Form 10-K for the fiscal year ended February 27, 2011.Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, China, France, Connecticut, Kansas, Arizona and California. The Company also maintains R & D facilities in Arizona, Kansas and Singapore.