Park Electrochemical Announces Major Expansions of its New York and California Facilities
LAKE SUCCESS, New York, August 5, 1999…Park Electrochemical Corp. (NYSE-PKE) announced that, yesterday, its Board of Directors approved a large expansion program relating to the company’s sophisticated electronic circuitry material facilities located in Newburgh, New York and Fullerton, California. These expansions will involve total capital spending of approximately $45 million to $50 million over the next three years. The company plans to fund these expansions through currently available corporate cash. When completed, these expansions are expected to increase the manufacturing capacity of these two facilities by a total amount of approximately $175 million to $200 million. In addition, these programs incorporate new manufacturing technologies designed to improve cycle times, yields, efficiencies and product quality and to reduce manufacturing costs.
Brian Shore, Park’s President and CEO, said, “We are very excited about these expansion programs, as they will allow us to continue to aggressively grow our North American advanced circuitry materials business and to better serve our customers in that marketplace. These investments will also greatly enhance the manufacturing efficiencies and capabilities of our Nelco New York and Nelco California electronic materials businesses.”
Certain portions of this press release which do not relate to historical financial information 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 expectations. Such factors include, but are not limited to, general conditions in the electronics industry, Park’s competitive position, the status of Park’s relationships with its customers, economic conditions in international markets, and the various factors set forth 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 28, 1999.
Park Electrochemical Corp. is a leading designer and producer of advanced electronic materials used to fabricate complex multilayer printed circuit boards and interconnection systems. Park’s electronic materials business is operated by its “Nelco” group of companies. Park also manufactures specialty adhesive tapes and advanced composite materials for the electronics, aerospace and industrial markets.
Additional corporate information is available on the World Wide Web at www.parkelectro.com.