PARK ELECTROCHEMICAL CORP. ANNOUNCES: RETIREMENT OF E. PHILLIP SMOOT FROM COMPANY, MERGER OF NELCO INTERNATIONAL CORPORATION SUBSIDIARY INTO PARENT CORPORATION, AND ELECTION OF NEW CORPORATE OFFICERS
LAKE SUCCESS, New York, May 25, 1999…Park Electrochemical Corp. (NYSE-PKE) today announced the retirement of E. Phillip Smoot from the Company effective August 29, 1999. The Company also announced that it has entered into a consulting agreement with Mr. Smoot for the period commencing on August 30, 1999 and ending on March 2, 2003. Mr. Smoot has been employed by the Company since 1981, and has served as the President and CEO of the Company’s Nelco International Corporation subsidiary since 1993. In that position, Mr. Smoot supervised the Company’s global electronic materials business. Mr. Smoot also served as Executive Vice President of the Company since 1988 and as a member of the Company’s Board of Directors since 1988. In connection with his retirement, Mr. Smoot will not stand for re-election to the Company’s Board of Directors at the Company’s annual meeting on July 13, 1999.
The Company also announced the merger of Nelco International Corporation, a 100% owned subsidiary of Park Electrochemical Corp., into Park Electrochemical Corp. Nelco International Corporation was the holding company through which Park Electrochemical owned its “Nelco” electronic materials operating subsidiaries in North America, Europe and Asia. Nelco International Corporation also previously served as the operating headquarters for the Company’s global electronic materials business. As the result of this merger, the Company’s electronic materials operating subsidiaries, which will continue to operate under the “Nelco” name, will become direct subsidiaries of the Park Electrochemical Corp. parent company. In addition, as the result of this merger, all of the Company’s corporate and group operating functions will be performed by the Park Electrochemical Corp. parent company organization. Park Electrochemical Corp. will continue to be headquartered in Lake Success, New York. Park Electrochemical will also maintain offices in Anaheim, California, the prior location of the Nelco International Corporation offices.
The Company also announced the election of eight new corporate officers. The Company announced the election of Robert A. Forcier as Senior Vice President, Advanced Product Marketing. Mr. Forcier has been employed by the Company since 1986 and has served as Vice President, Advanced Product Marketing for Nelco International Corporation since 1993.
The Company announced the election of Emily J. Groehl as Senior Vice President, Sales and Marketing. Ms. Groehl has been employed by the Company since 1985 and has served as Vice President, Sales and Marketing for Nelco International Corporation since 1993.
The Company announced the election of Lee H. Newton as Senior Vice President, Finance and Planning. Mr. Newton joined the Company in 1977 and served as Vice President and Chief Financial Officer of Nelco International Corporation since 1993.
The Company announced the election of Carl W. Smith as Senior Vice President, North American Business Unit. Mr. Smith joined the Company in April of 1998 as the Chief Operating Officer of Nelco International Corporation. Prior to joining the Company, Mr. Smith held various management and technical positions at General Dynamics Convair, Martin Marietta Corporation and Fiberite, Inc. Most recently, Mr. Smith served as President and Chief Operating Officer of Fiberite, Inc.
The Company announced the election of Thomas T. Spooner as Senior Vice President, Technology. Mr. Spooner joined the Company in 1992 and has served as Vice President, Technology of Nelco International Corporation since 1993.
The Company announced the election of Michael A. Hehl as Vice President, Asian Business Unit. Mr. Hehl has served as Managing Director of Nelco Products Pte., Ltd. since 1989. Nelco Products Pte., Ltd. is the Company’s electronic materials subsidiary based in Singapore.
The Company announced the election of Dieter G. Weiss as Vice President, European Business Unit. Mr. Weiss has served as the electronic materials group’s European Division Manager since October 1997, when the Company acquired Dielektra GmbH. Prior to the Company’s acquisition of Dielektra GmbH, Mr. Weiss was the principal owner and Managing Director of Dielektra GmbH.
The Company announced the election of Murray O. Stamer as Treasurer. Mr. Stamer joined the Company in 1989 and served as the Company’s Corporate Controller since 1993.
Commenting on his retirement from the Company, Phil Smoot said, “The past eighteen years with the Park/Nelco organization have been a wonderful and rewarding experience. Park has always provided the Nelco people and me with the guidance, resources and encouragement to create a company focused on high technology and quality, and a dignified and exciting place to work. As Park/Nelco transitions from the old to the new, I am confident that the eight global Park/Nelco companies will continue to serve the industry with the finest products and services available not only today, but tomorrow and in the future as well.”
Commenting on the above announcements, Brian Shore, Park’s President and CEO, said, “Phil Smoot’s retirement is a major event in the history of our Company. Obviously, we will all miss Phil dearly. However, since Phil is leaving such a strong company and organization behind him as his legacy, we all feel very optimistic about our future. Phil is one of those few larger-than-life figures in the global electronics interconnect industry. Phil’s contribution to our industry over the last twenty years has been very substantial. Phil’s contribution to our Company is so substantial it is actually impossible to measure. In my opinion, Phil is clearly the single individual most responsible for the expansion and success of our Nelco business around the world over the last ten years. During Phil’s eighteen year tenure with our Company, he has contributed to our Company and our industry more than most people could in several lifetimes. Therefore, Phil has certainly earned the right many times over to move on to other things with his life. I am personally very pleased that Phil has agreed to serve as a consultant to our Company over the next three years, as I look forward to seeking Phil’s very senior and knowledgeable guidance and advice as we face the challenges of the future. I consider myself to be very fortunate and privileged to have worked with Phil Smoot over the years.”
Brian Shore continued, “We are very pleased about the merger of Nelco International Corporation into Park Electrochemical Corp. and the effective combination of the Nelco and Park corporate organizations into one unified parent company organization. We believe that the combination will enhance our ability to make even faster and more effective decisions and to more decisively implement those decisions in the future. We also believe that the combination will allow our Company to serve our customers even better, faster and more comprehensively in the coming years.”
Brian Shore added, “I am very pleased to announce the election of the new officers of our Company, as these new officers, along with others in our organization, comprise our new company leadership team for the future. I have had the privilege of working closely with all of our new officers over the years, and I am very confident in their ability to execute our strategic mission and to dramatically enhance our business over the next ten years.”
Brian Shore concluded, “As we celebrate Phil Smoot’s successes and contributions to our Company, we eagerly and optimistically look forward to our future as a company.”
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 March 1, 1998.
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.