Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL CORP. ANNOUNCED THAT IT HAS PREVAILED IN ITS LAWSUIT AGAINST DELCO ELECTRONICS
Lake Success, New York, November 30, 2000...Park Electrochemical Corp. (NYSE-PKE) announced that its subsidiary, Nelco Technology, Inc., has prevailed in its lawsuit filed against Delco Electronics Corporation in the United States District Court for the District of Arizona. Delco is a subsidiary of Delphi Automotive Systems Corporation. In the lawsuit, Nelco claimed, among other things, that Delco breached its contract to purchase semi-finished multilayer printed circuit boards from Nelco. After a five day trial in Phoenix, Arizona, a jury awarded damages to Nelco in the amount of $32 million. Both parties have rights to file motions for post-judgment relief or a new trial and, when judgment is final, to appeal the decision to the United States Court of Appeals for the Ninth Circuit in San Francisco.
Park announced in March 1998 that it had been informed by Delco Electronics that Delco planned to close its printed circuit board fabrication plant and exit the printed circuit board manufacturing business. After the plant closure, Delco purchased all of its printed circuit boards from outside suppliers and Delco was no longer a customer of Nelco Technology. Nelco had been Delco’s principal supplier of semi-finished multilayer printed circuit board materials for more than ten years. These materials were used by Delco to produce finished multilayer printed circuit boards. Nelco filed its lawsuit against Delco in May 1998.
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 major manufacturing facilities are located in Singapore, England, France, Germany, New York, Arizona and California. Park’s electronic materials business operates under the “Nelco” name.
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Park Electrochemical Corporation
48 So. Service Road, Suite 300MelvilleNY11747
(631) 465-3600Fax: 465-3100
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