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Park Electrochemical Corp. Announces Major Expansion of Its Newton, Kansas Facility to Produce Composite Aircraft Parts and Assemblies

Dépèche transmise le 19 août 2009 par Business Wire

Park Electrochemical Corp. Announces Major Expansion of Its Newton, Kansas Facility to Produce Composite Aircraft Parts and Assemblies

MELVILLE, N.Y.--(BUSINESS WIRE)--Park Electrochemical Corp. (NYSE: PKE) announced plans for the major expansion of its recently completed and commissioned Park Aircraft Technologies Corp. (“PATC”) advanced composite materials development and manufacturing facility located at the Newton, Kansas Airport. The recently completed PATC facility, which was designed to develop and produce advanced composite materials for the aircraft and space vehicle industries, contains approximately 52,000 square feet of manufacturing, laboratory and office space and cost approximately $15 million to construct and fully equip. The Company plans to expand its recently completed PATC facility in order to manufacture composite parts and assemblies for the aircraft and space vehicle industries. This expansion, which includes approximately 42,000 square feet of manufacturing, office and storage space, is expected to cost approximately $5 million and to be complete and operational by September of 2010.

Upon completion of the PATC facility expansion, the Company’s objective is for PATC to offer composite aircraft and space vehicle parts design and assembly services, in addition to “build-to-print” services. The expansion will include both oven and autoclave composite parts curing equipment and capability. When the expansion is complete, PATC plans to be able to offer a full range of advanced composite materials development and manufacturing capability, as well as composite parts design, assembly and production capability, all under one roof. The Company believes that the ability of its PATC facility to offer such a wide and comprehensive array of composite materials and parts manufacturing and development technology and capability to the aircraft and space vehicle industries will provide attractive benefits and advantages to those industries.

Brian Shore, Park Electrochemical Corp.’s President and CEO, said, “We would like to thank the people of Newton, Kansas for making us feel so welcome and at home in their community. We look forward to expanding our operations at the Newton, Kansas Airport.”

Certain portions of this press 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 March 1, 2009.

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 and parts principally for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. Park also specializes in the manufacture of complex composite aircraft and space vehicle parts. The Company’s manufacturing facilities are located in Singapore, China, France, Connecticut, Kansas, Arizona, California and Washington.

Additional corporate information is available on the Company’s web site at www.parkelectro.com.