Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL CORP. ANNOUNCES THE SALE OF ITS DIELECTRIC POLYMERS SUBSIDIARY
LAKE SUCCESS, New York, June 28, 2002…Park Electrochemical Corp. (NYSE-PKE) announced that it sold its Dielectric Polymers, Inc. (“DPI”) subsidiary to Adhesive Applications, Inc. of Easthampton, Massachusetts, a newly formed corporation that will be partially owned by Lawrence G. Kuntz, who has been the President of DPI since March 1985.
DPI is a manufacturer of specialty adhesive tapes and films for a variety of applications in the electronics, automotive, aerospace and graphic arts industries located in Holyoke, Massachusetts. For the fiscal year ended March 3, 2002, DPI had net sales of approximately $7.6 million. Terms of the transaction are not being disclosed. However, Park expects to record a gain of approximately $3.2 million in its 2003 fiscal year second quarter ended September 1, 2002 in connection with the sale of DPI.
Brian Shore, Park’s President and CEO, said, “It has been a pleasure working with Larry Kuntz and all of DPI’s people over these last several years. I would like to personally thank and congratulate all of DPI’s people for creating a truly special company. I wish you the very best, and I will miss you. Good luck!”
Park Electrochemical Corp. is a leading global designer and producer of electronic materials used to fabricate complex multilayer printed circuit boards and interconnection systems. Park specializes in advanced materials for high layer count circuit boards and high speed digital broadband telecommunications, internet and networking applications. Park’s electronic materials business operates through fully integrated business units in Asia, Europe and North America. The Company’s manufacturing facilities are located in Singapore, China, Germany, France, England, Connecticut, New York, Arizona and California. Park’s electronic materials business operates under the “Nelco” name.
Additional corporate information is available on the World Wide Web at http://www.parkelectro.com.
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Park Electrochemical Corporation48 So. Service Road, Suite 300
(631) 465-3600
Copyright 2002 (c) All Rights Reserved. Park Electrochemical Corp.
