Park Electrochemical (PKE) to Close Advanced Composite Materials Facility in Waterbury
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Park Electrochemical Corp. (NYSE: PKE) announced that its Park Advanced Composite Materials, Inc. (“PACM”) facility, located in Waterbury, Connecticut, will be closing its operations at the end of April, 2012 after the completion of the transfer of PACM’s aerospace composite materials manufacturing activities to the Company’s Park Aerospace Technologies Corp. (“PATC”) facility located at the Newton, Kansas Airport. PACM and PATC are wholly owned subsidiaries of Park Electrochemical Corp.
As the result of this closure, Park expects to record total pre-tax restructuring charges of approximately $3 million. The Company expects to record approximately half of these restructuring charges in the fourth quarter of the current fiscal year ending February 26, 2012 and to record the balance of the restructuring charges during the 2013 fiscal year. After the closure is completed, the PACM business operations will have no further impact on the consolidated financial condition or results of operations of Park Electrochemical Corp.
As the result of this closure, Park expects to record total pre-tax restructuring charges of approximately $3 million. The Company expects to record approximately half of these restructuring charges in the fourth quarter of the current fiscal year ending February 26, 2012 and to record the balance of the restructuring charges during the 2013 fiscal year. After the closure is completed, the PACM business operations will have no further impact on the consolidated financial condition or results of operations of Park Electrochemical Corp.
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