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Park Electrochemical Corp. Announces Workforce Reduction at ItsNeltec, Inc. Business Unit

^{Published on 2008-11-18 09:04:51 - Market Wire}
 

MELVILLE, N.Y.--([ BUSINESS WIRE ])--Park Electrochemical Corp. (NYSE:PKE)announced a workforce reduction at its Neltec, Inc. high-technology electronics circuitry materials business unit located in Tempe, Arizona. As a result of this workforce reduction, the Company expects to report a charge of less than $100,000 for employment termination benefits in the third quarter of the Company's current fiscal year ending March 1, 2009. The Company does not expect this workforce reduction to have any impact on Neltec's service to its customers.

Brian Shore, Park's President and CEO, said, "This is a sad event for Park. I would like the Neltec employees affected by the workforce reduction to know that I am personally very sorry that things have worked out this way. Thank you very much for your service to Neltec and Park. I wish you and your families the very best in the future".

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 2, 2008.

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, structures and components principally for the aerospace markets. Park's core capabilities are in the areas of polymer chemistry formulation, coating technology and advanced composite structures and component design and fabrication. The Company's manufacturing facilities are located in Singapore, China, France, Connecticut, New York, Kansas (under construction), Arizona, California and Washington.

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