Park Electrochemical Corp. Announces the Sale of its Arizona-Based Mass Lamination Business

Apr 26, 2001, 01:00 ET from Park Electrochemical Corp.

    LAKE SUCCESS, N.Y., April 26 /PRNewswire/ -- Park Electrochemical Corp.
 (NYSE:   PKE) announced that it has signed an agreement with Dynamic Details
 Incorporated relating to the purchase by Dynamic Details, a wholly owned
 subsidiary of DDi Corp. (Nasdaq:   DDIC), of the assets and business of Nelco
 Technology, Inc. ("NTI"), a wholly owned subsidiary of Park.
     NTI is a manufacturer of semi-finished printed wiring boards, commonly
 known as mass lamination, located in Tempe, Arizona. For the fiscal year ended
 February 25, 2001, NTI had net sales of approximately $39 million of mass
 lamination product.  Terms of the transaction are not being disclosed at this
 time.  However, Park expects to record a charge of approximately $15 million
 in its 2002 fiscal year first quarter ended May 27, 2001 in connection with
 the sale of the assets and business of NTI and the closure of a related
 support facility to NTI also located in Tempe, Arizona.  (The related support
 facility is referred to internally at Park as NAZ.)  The transaction is
 expected to close on April 27, 2001.  Park Electrochemical Corp. will retain
 all rights to the Nelco name.
     Brian Shore, Park's President and CEO, commented, "This brings to a
 conclusion the long and painful saga our NTI business has endured since Delco
 Electronics closed their circuit board manufacturing plant and terminated
 NTI's supply agreement with them.  Through extremely difficult and dark days,
 our employees never gave up on this business.  Mary Wathen and her team did an
 absolutely wonderful job in turning this severely damaged business around and
 restoring some basic dignity to a business which had been dealt a nearly fatal
 blow as the result of Delco's termination of this supply agreement.  I only
 wish we could have saved the jobs of all of the employees at NTI and NAZ, but
 we did our best, and I am gratified that we have been able to save the jobs of
 at least a portion of our NTI employees.  I am also very pleased that DDi will
 be taking over our NTI business, as I have the highest regard for the DDi
 business and its management.  I believe our NTI employees will be in good
 hands in the future.  (By the way, we are very excited that DDi has recently
 become one of our key strategic global customers.)"
     Brian Shore concluded, "I would like to personally thank every one of our
 NTI employees for persevering under incredibly difficult circumstances and for
 creating a good, solid business out of the ashes left behind after Delco's
 termination of the supply agreement.  I would also like to wish all of our NTI
 and NAZ employees past and present good luck and Godspeed.  They certainly
 deserve it!"
     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 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, the cost and
 availability of utilities, 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 February 27, 2000.
 
     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 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.
     Additional information about Park Electrochemical Corp. is available on
 the World Wide Web at http://www.parkelectro.com and http://www.parknelco.com.
 
                     MAKE YOUR OPINION COUNT -- Click Here
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SOURCE Park Electrochemical Corp.
    LAKE SUCCESS, N.Y., April 26 /PRNewswire/ -- Park Electrochemical Corp.
 (NYSE:   PKE) announced that it has signed an agreement with Dynamic Details
 Incorporated relating to the purchase by Dynamic Details, a wholly owned
 subsidiary of DDi Corp. (Nasdaq:   DDIC), of the assets and business of Nelco
 Technology, Inc. ("NTI"), a wholly owned subsidiary of Park.
     NTI is a manufacturer of semi-finished printed wiring boards, commonly
 known as mass lamination, located in Tempe, Arizona. For the fiscal year ended
 February 25, 2001, NTI had net sales of approximately $39 million of mass
 lamination product.  Terms of the transaction are not being disclosed at this
 time.  However, Park expects to record a charge of approximately $15 million
 in its 2002 fiscal year first quarter ended May 27, 2001 in connection with
 the sale of the assets and business of NTI and the closure of a related
 support facility to NTI also located in Tempe, Arizona.  (The related support
 facility is referred to internally at Park as NAZ.)  The transaction is
 expected to close on April 27, 2001.  Park Electrochemical Corp. will retain
 all rights to the Nelco name.
     Brian Shore, Park's President and CEO, commented, "This brings to a
 conclusion the long and painful saga our NTI business has endured since Delco
 Electronics closed their circuit board manufacturing plant and terminated
 NTI's supply agreement with them.  Through extremely difficult and dark days,
 our employees never gave up on this business.  Mary Wathen and her team did an
 absolutely wonderful job in turning this severely damaged business around and
 restoring some basic dignity to a business which had been dealt a nearly fatal
 blow as the result of Delco's termination of this supply agreement.  I only
 wish we could have saved the jobs of all of the employees at NTI and NAZ, but
 we did our best, and I am gratified that we have been able to save the jobs of
 at least a portion of our NTI employees.  I am also very pleased that DDi will
 be taking over our NTI business, as I have the highest regard for the DDi
 business and its management.  I believe our NTI employees will be in good
 hands in the future.  (By the way, we are very excited that DDi has recently
 become one of our key strategic global customers.)"
     Brian Shore concluded, "I would like to personally thank every one of our
 NTI employees for persevering under incredibly difficult circumstances and for
 creating a good, solid business out of the ashes left behind after Delco's
 termination of the supply agreement.  I would also like to wish all of our NTI
 and NAZ employees past and present good luck and Godspeed.  They certainly
 deserve it!"
     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 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, the cost and
 availability of utilities, 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 February 27, 2000.
 
     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 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.
     Additional information about Park Electrochemical Corp. is available on
 the World Wide Web at http://www.parkelectro.com and http://www.parknelco.com.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X42487652
 
 SOURCE  Park Electrochemical Corp.