Park Elektrochemical Corp. Announces The Sale Of Its Dielectric Polymers Subsidary
LAKE SUCCESS, New York, June 28, 2002 - Park Electrochemical Corp. 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!"
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