Melville, New York, Wednesday, August 19, 2009......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.
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